Kentucky DOR Publishes Revised Withholding Tax Tables, Computer Formula Effective Jan. 1, 2023

The Kentucky Department of Revenue Dec. 1 published revised information on withholding tax tables and computer formula, effective for tax years beginning Jan. 1, 2023, for corporate income and individual income tax purposes. The tables provide withholding information for wages based on daily, weekly, bi-weekly, semi-monthly, and monthly payroll periods. The publication also includes the 2023 withholding tax formula with examples and calculations. The 2023 state standard deduction is $2,980 and the 2023 state tax rate is 4.5 percent of taxable income. [Ky. Dep’t of Revenue, 2023 Withholding Tax Tables, Computer Formula, 12/01/22]

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