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Tax Changes Implemented Pay Period 2021-07
(Colorado and Maryland) |
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The following tax changes were implemented in PP 2021-07. As a reminder, tax changes are not retroactive to employees’ withholdings.
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Colorado
State Income Tax Withholding:
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The flat tax rate on supplemental wages has changed from 4.63% to 4.55%.
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The tax rate on wages paid to all filers when using the annual withholding formula has changed from 4.63% to 4.55%.
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Tax withholdings for employees who completed a 2019 or prior W-4 and utilized exemptions are no longer valid.
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Maryland
State and County Income Tax Withholding:
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The maximum amount for the standard deduction has increased from $2,300 to $2,350.
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