Your taxes went up today. Just wanted you to know.
Starting on Aug. 1, the state will begin to capture the boost in the income tax for 2011 approved by lawmakers in May, which is retroactive to the beginning of the calendar year.
That means all of the tax increase for this year will be collected in the next five months. You can calculate your new withholding amount using the tables at the bottom of this story. The W-4 form explains the codes on the withholding table.
Single and joint filers earning $50,000 a year will see about $200 in additional withholding through December, as will joint filers earning $100,000. Single filers making $100,000 will see about $605 disappear from their paychecks.
It starts to jump up for joint filers at the $125,000 level when $510 in additional taxes will be taken out.
At the top end, if your adjusted gross income is $1 million, by the end of December you will have contributed $17,400 more to the state of Connecticut, while those hauling in $2 million in salary will send in $19,400 in additional taxes.
“You are going to see a bit of a jolt in August, but it falls again in January,” said Sarah Kaufman, spokeswoman for the state Department of Revenue Services, as the new rates will be spread out over 12 months rather than five.
More here, if you are brave enough to read it:
Connecticut income tax going up; calculate the bite out of your pay – News – West Hartford News.
