Annual Growth in Federal Tax Withholding in August Continued in a Narrow Band of Around 5 Percent to 5-1/2 Percent for the Fourth Consecutive Month
Posted on August 31, 2023 We estimate that federal tax withholding–the amount of income and payroll taxes withheld from workers’ paychecks and remitted daily to the U.S. Treasury–grew by 5.4 percent in August (compared to the amounts from August 2022). That is the fourth consecutive month with withholding growth of between 5.1 percent and 5.6 […]
Annual Growth in Federal Tax Withholding Remained A Little Above 5 Percent in July for the Third Consecutive Month
Posted on August 2, 2023 We estimate that federal tax withholding–the amount of income and payroll taxes withheld from employees’ paychecks and remitted daily to the U.S. Treasury–grew by 5.1 percent in July (compared to the amounts from July of a year ago). That is very close to the growth of 5.3 percent recorded in […]