Federal Tax Withholding Growth Ticked Up in April, Probably a Temporary Artifact of a Move Down Last April
Posted on Tuesday April 30, 2024 Federal tax withholding–the combined amount of income and payroll taxes withheld from workers’ paychecks and remitted daily by employers to the U.S. Treasury–increased by an estimated 7.0 percent in April (compared to the amount in April 2023). That is a tick upwards from growth in recent months, to the […]
The IRS is Tabulating the Payments with Federal Income Tax Return Filings: The Early Indications
Posted on April 18, 2024 The due date to file federal income tax returns was Monday of this week for most individuals, and the IRS is busy tabulating the amounts paid with those returns, both from electronic payments and good old-fashioned checks (and, yes, from the multiple other available methods). It typically takes the IRS […]
Growth in Federal Tax Withholding Remained Solid in March
Posted on April 2, 2024 Federal tax withholding–the combined amount of income and payroll taxes withheld from workers’ paychecks and remitted daily by employers to the U.S. Treasury–continued to increase at a solid, healthy pace in March. We estimate that economywide withholding grew by 5.8 percent in March (compared to the amount in March 2023), […]