Illinois DOR Publishes Withholding Tax Tables Effective Jan. 1

The Illinois Department of Revenue (DOR) Dec. 1, 2022 published a revised booklet providing withholding tax tables for state individual income and corporate income tax purposes, effective Jan. 1, 2023. The booklet includes: 1) the income tax rate for wages and other compensation, which is 4.95 percent; 2) the exemption allowance, which is $2,625; and 3) daily, weekly, bi-weekly, monthly, and semi-monthly withholding tax tables. The DOR also provides information on how to calculate the amount to withhold using tables provided in the booklet and the automated payroll method. [Ill. Dep’t of Revenue, Booklet IL-700-T, 12/01/22]

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