Maryland Comptroller Publishes Withholding Tax Facts for 2020

The Maryland Comptroller Oct. 1, 2019 published a withholding tax facts sheet for 2020, which provides information to employers on filing withholding related forms and reconciliation statements for individual income and corporate income tax purposes. The fact sheet includes: 1) state and county income tax rates; 2) personal exemptions; 3) electronic filing to save time and money; 4) earned income credits; and 5) the Jan. 31 due date for the annual employer withholding reconciliation return, Form MW508, for the 2019 tax year. The fact sheet stated that Maryland law doesn’t permit less than 4.75 percent rate for withholding tax purposes. ...