Tax Withholding Growth Accelerates Some in April
Posted on April 29, 2022 The amounts of federal income and payroll taxes withheld by employers from paychecks–what we call tax withholding–grew faster in April than in March, we estimate, after having grown faster in March than in February. The amount of tax withholding, which moves with overall wages and salaries in the economy, was […]
The Average Size of Individual Income Tax Refunds Continues to Run Ahead of the Pace of Recent Years: But the Increase Has Been Getting Smaller, Probably as a Result of Law Changes, as More Higher-Earners Have Filed Their Returns
Posted on April 24, 2022 It’s a busy season for tracking tax receipts, and we turn our focus back to individual income tax refunds. With almost 80 million refunds sent out to taxpayers so far this filing season (through April 15 in the IRS’s latest weekly report released last Friday), the average size of a […]
Corporate Income Tax Receipts in April Continued to Increase, But at a Lower Rate Than in Recent Months
Posted on April 23, 2022 Most corporations made their first quarterly payment of federal estimated income taxes for the 2022 tax year in mid-April, and their final payments for the 2021 tax year were due as well. Those amounts in April reached $92 billion, we estimate, including some generally small amounts (an estimated $ 1 […]
Federal Income Tax Payments with Tax Return Filings Are Looking Very Strong with More Payments Still to Be Counted
Posted on April 21, 2022 The counting continues of individual income tax payments with federal tax return filings that were due to the IRS a few days ago, but it is looking like a very high amount of payments will be recorded when the counting is completed over the next couple of weeks. The amounts […]
The Average Size of Individual Tax Refunds Continues to Run Well Ahead of the Amount in Recent Years, About Halfway Through the Refund Season
Posted on April 2, 2022 The Internal Revenue Service has disbursed about 58 million individual income tax refunds so far this tax filing season (through the week ending March 25). The average size of those refunds is $3,263, which is about 10 percent to 12 percent higher than the amount at the same rough point […]