Virginia Tax Department Publishes Updated Income Tax Withholding Guide for Employers

The Virginia Department of Taxation Aug. 1 published an updated income tax withholding guide for employers for individual income and corporate income tax purposes. The guide includes information on: 1) the recent legislative increase in the standard deduction to $8,000 from $4,500 for single filers and to $16,000 from $9,000 for married filers filing jointly, effective Oct. 1; 2) electronic filing and payment requirements; 3) payments subject to and exempt from withholding; 4) withholding tables for Oct. 1 and after; 4) guidance to compute tax; and 5) monthly and quarterly filing and payment due dates. [Va. Dep’t of Tax’n, Income ...