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Your Massachusetts income tax rate is going down for 2014

Categories Tax Tips (Mass)

DOR Issues New Withholding Tables for Tax Year 2014

Beginning January 1, 2014, the 5.25 percent tax rate on most classes of taxable income will drop to 5.20 percent.     The Department of Revenue has certified that baseline revenues this year met growth thresholds set by statute which automatically triggered the .05 percent decrease.  DOR will continue to certify any revenue growth every year until the income tax rate reaches 5 percent.  You can find the revised withholding tables for the new income tax rate at www.mass.gov/dor/forms/trustee/withholding-tax/.

I know it doesn’t sound like much but for taxable income of $50,000, it is a $2500.00 decrease.

 

 

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