Starting this coming Monday (10/1/12), the income tax witholding rate and personal exemption amount will change for workers in the state of Michigan. From the state’s taxation department website:
Effective October 1, 2012, the income tax withholding rate will change to 4.25% and the personal exemption amount will change to $3,950. The pension and/or retirement benefit withholding rate will also change to 4.25%, however, there is no adjustment to the monthly pension deduction amount. Withholding Tables have been updated.
Don’t worry; we’re on it. Updates for COATSsql and COATS Standard have already been posted and are yours to download.
In other news, employers in New York state will soon be able to make deductions from employee wages for things like advance pay, tuition or loan repayments, charitable donations, parking expenses, etc. Section 193 of the New York Labor Law has been modified by the legislature and the modification has been approved by the governor.
The amended law will take effect November 1 of this year, but COATS is ready to handle it right now. COATS can handle administrative fees easily and quickly. Contact us to learn more about how to do this.
Written by: Catherine Cantieri