New Year, New Adjustments to Reported Tax Withholding to Account for Legislative Changes
Posted on December 30, 2020 Happy New Year, everyone. In short, the end of the calendar year means that we’ll be using new estimates going forward of the effects on withholding of legislative changes. Primarily because of the expiration of two payroll tax deferral provisions this week, our estimated legislative effects will be changing starting […]
Withholding Growth Has Improved in December
Posted on December 24, 2020 By our measure, income and payroll taxes withheld from workers’ paychecks, which tend to move with economywide wages and salaries, have improved in December. We estimate that tax withholding was 1.2 percent above the amounts from December of a year ago, measured to remove the estimated effects of federal tax […]
A Bounce Back in Corporate Receipts in December
Posted on December 16, 2020 Here’s a quick note on a recent development in federal corporate income tax payments. The pandemic and associated economic effects caused a significant reduction in corporate income tax payments through the big September quarterly payment this year, but those receipts have rebounded in December. A major quarterly estimated payment due […]
Total Private-Sector Wages and Salaries Improved Just Slightly in November According to the Monthly Establishment Survey
Posted on December 7, 2020 Here’s just a quick paragraph and a chart about anemic growth in aggregate wages and salaries in the national economy as reported by the Bureau of Labor Statistics (BLS) in its monthly establishment survey for November. Total wages and salaries of private-sector workers improved slightly, from being down by 0.9 […]
Full 2020Q2 Wage Data from the Quarterly Census of Employment and Wages: A Bit Stronger Than We Expected
Posted on December 3, 2020 Sometimes it’s perilous to project National Income and Product Account (NIPA) wage revisions based on the incomplete wage data from the Quarterly Census of Employment and Wages (QCEW). And when the economy is in major upheaval is one of those times. Two weeks ago we posted about the incomplete QCEW […]