Federal Tax Withholding Growth Slowed Significantly in January
Posted on January 30, 2024 Federal tax withholding–the amount of income and payroll taxes withheld from workers’ paychecks and remitted daily to the U.S. Treasury–is always hard to interpret in January, being affected by year-end bonuses on Wall Street and elsewhere, along with multiple holidays. Nonetheless, we estimate that withholding growth slowed significantly this January, when […]
Tax Withholding Growth in December Remained Near the Average Amount Since May
Posted on January 3, 2024 We estimate that federal tax withholding–the amounts of income and payroll taxes withheld from workers’ paychecks and remitted daily to the U.S. Treasury Department–grew by 6.1 percent in December after we remove the estimated effects of law changes. That growth is relative to the amounts of withholding in December 2022, […]