Withholding Tax Receipts Show Strength in March
Posted on March 31, 2022 In what is probably a good sign for the economy, tax withholding–the economywide amounts withheld by employers from workers’ paychecks for income and payroll taxes and remitted daily to the U.S Treasury–grew faster in March than in January and February, we estimate. In March, we estimate that withholding was 10.5 […]
The Average Size of Individual Tax Refunds Is Up by About 10 Percent So Far This Filing Season Compared to Recent Years
Posted on March 20, 2022 The Internal Revenue Service (IRS) has disbursed about 45 million refunds to individuals so far this tax filing season (through the week ending March 11), and the average size of those refunds, about $3,350, is up between 9 percent and 13 percent compared to roughly the same point in the […]
Tax Withholding Continued to Grow at a Rapid Pace in February: We Might Be Seeing the Effects of Stronger Wage Gains Among Lower-Income Individuals
Posted on March 1, 2022 Tax withholding–amounts withheld from workers’ paychecks for income and payroll taxes and remitted daily to the U.S. Treasury Department–was up by 9.2 percent in February compared to February of a year ago, we estimate. Such year-over-year growth in withholding was about the same in January at 9.5 percent (see chart […]