![]() The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. Kristie Lowery ( Kenneth Hausser ( Debera Salam ( Payroll News Flash.Workforce Tax Services - Employment Tax Advisory Services ![]() In August 2022, the Department also published an updated Income Tax Withholding Guide for Employers.įor additional information concerning this Alert, please contact: The increase in the standard deduction is scheduled to sunset after tax year 2025 when it will revert to the standard deduction amounts that applied prior to tax year 2019 - $3,000 for single filers and $6,000 for married couples filing jointly. If the 5% growth rate is not met for either taxable year, the standard deduction for that taxable year will be $7,500 for single individuals and $15,000 for married persons. For tax year 2023 the increase in the standard deduction is contingent on annual revenue growth of at least 5% for the 12-month period of July 2022 through June 2023. Under HB 30, for tax year 2022 the standard deduction increases from $4,500 to $8,000 for single filers and from $9,000 to $16,000 for married filers filing jointly if the annual revenue growth is at least 5% for the six-month period of July 2022 through December 2022. The updated tables and formulas reflect an increase in the standard deduction effective January 1, 2022, as enacted under HB 30 and approved by Virginia Governor Glenn Younkin on June 22, 2022. The Virginia Department of Taxation (DOT) has released updated wage bracket and withholding formulas, which are effective with wages paid on or after October 1, 2022. Virginia revised income tax withholding tables and formulas apply for wages paid on and after October 1, 2022 ![]()
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