Ohio’s withholding methods were updated Sept. 29 by the state tax department, effective Nov. 1, following an income tax cut passed in Ohio’s most recent budget.
The budget bill (HB 33) reduces the number of income tax brackets to three in 2023 and to two, with rates of 2.75% and 3.5%, starting in 2024.
The withholding percentage method effective Nov. 1 uses six brackets with rates ranging from 0.501% to 4.41%. The first four brackets of each table in the percentage method were unchanged from the previous revision, which took effect Sept. 1, 2021.
The state also provides an optional ...
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