(WFRV) – Wisconsin residents will reportedly see more money from their paychecks after Gov. Evers announced he told the Department of Revenue to revise withholding tax tables.
Gov. Tony Evers announced that he has directed the Department of Revenue to revise withholding tax tables. This will affect how much income employers can withhold from an employee’s paycheck in taxes. These tables have reportedly not been changed since April 2014.
Under the withholding table changes, workers will see less tax withheld from their paychecks. An example that was provided was: over the course of this year, a single filer making $50,000 will see $551 more in their paychecks. A married couple each earning $50,000 combined will see over $1,200 for their household in their paychecks.
“Our tax cuts and changes to tax collections mean Wisconsinites will see hundreds of dollars more in their paychecks and their pockets in 2022, and it couldn’t come at a better time as I know so many folks and families are seeing higher prices at the grocery store checkout and as businesses face delays getting supplies and materials,” said Gov. Evers.
Payroll providers and employers will reportedly update their payroll systems to accommodate the withholding tax table changes starting on or after Jan. 1, 2022.
It was also announced that Wisconsin homeowners will see a 38% increase in the Lottery and Gaming Credit found on their property tax bills this year. The Lottery Credit has $343.6 million available to distribute to 1.5 million Wisconsin homeowners for property taxes levied in 2021.
That number is reportedly the highest in the Lottery’s 33-year history.