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Tax Flash

 

In This Edition

Connecticut Increased Withholding and Estimated Tax Payments

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The State of Connecticut has recently increased personal income tax rates for certain earning brackets, retroactive to January 1, 2011. Effective, August 1, 2011, employers are required to withhold taxes on earnings at the new higher rates, as well as, catch-up withholding on earnings from January 1 to July 31, 2011. This additional withholding amount will be spread out evenly over the remaining pay periods for 2011.

Revised Withholding Tables and Withholding Calculation Rules

Employers are required to use the revised withholding tables and calculation rules effective August 1, 2011. Employers who do not implement the revised withholding rules will be liable for the amount of Connecticut tax required to be withheld. Employees who do not provide a completed Form CT-W4 to their employer are subject to the highest rate of withholding, which has increased to 6.7%.

Click on the following links to view each report:

Revised CT Withholding Tables

Revised CT Withholding Calculation Rules

Bonuses and other supplemental compensation paid in 2011 should be included in annualized taxable income calculations.

Further information can be found by reading the IP 2011(10) 2011 Connecticut Income Tax Changes.

Estimated Tax Payments

Starting with the estimated payment due September 15, 2011, taxpayers making estimated income tax payments for taxable year 2011 are required to adjust their estimated income tax payments to take into account the change in the applicable tax rate for the 2011 taxable year.

Should you have any questions related to this Tax Flash, contact your Marcum LLP SALT tax professional.

 
 
 
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