Withholding Growth in November Returned to About the Average From May Through September, and It Remained Roughly in Line With Economywide Wage and Salary Growth
Posted on December 6, 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 4.8 percent in November (compared to the amount from November of a year ago). After temporarily increasing by 6.7 percent in October, growth in November represents […]