Iowa DOR Issues New Income Withholding Tax Tables for 2023

The Iowa Department of Revenue (DOR) Dec. 12 issued updated income tax withholding formulas and tables for 2023 for individual income and corporate income tax purposes. The DOR: 1) updates withholding formulas and tables each year because individual income tax brackets are indexed annually to adjust for inflation; 2) has updated the online Withholding Estimator to help individuals calculate their 2023 withholding amounts; and 3) reminds employers to update withholding amounts starting Jan. 1, 2023, but employees can also make changes to their Iowa W-4 form by contacting their employer. Employers can find the new Iowa 2023 withholding formulas and ...