South Carolina employers urged to prepare for tax withholding changes
The state’s tax agency is urging South Carolina businesses and employers to prepare for changes coming in January to state tax withholding tables.
The S.C. Department of Revenue is changing the amount withheld for state taxes in a move that will put $100 million in workers’ paychecks throughout the year and cut the amount in tax refunds the state pays out.
Nearly all S.C. taxpayers now get a state tax refund each spring. In part, that is because the state has not changed its tax withholding tables in 25 years, said Revenue director Rick Reames.
The Revenue Department plans to make once-a-year changes to the withholding tables over the next decade. When fully phased-in, the changes will put $1 billion back in S.C. workers’ paychecks, Reames said.
Read more: http://www.independentmail.com/story/news/2016/10/25/sc-employers-urged-prepare-tax-withholding-changes/92717218/