Growth in Withheld Tax Payments Dropped Sharply in May
Posted on May 31, 2022 The amount of federal income and payroll taxes withheld from workers’ paychecks and remitted to the U.S. Treasury Department–what we call tax withholding–grew much more slowly in May than in the prior recent months, according to our estimates. The amount of tax withholding, which moves with overall wages and salaries […]
Individual Income Tax Payments with Federal Tax Return Filings Have Surged This Year
Posted on May 4, 2022 The counting by the Internal Revenue Service isn’t finished, but it is crystal clear that individuals’ income tax payments with 2021 tax returns filed by mid-April have surged this year. Tax payments from the beginning of February (when the filing season roughly began) through May 3 this year have totaled […]