Georgia’s 2024 withholding methods are the first to use a flat tax rate that was introduced in legislation passed earlier in 2023.
The 2024 withholding methods use a tax rate of 5.49%. The withholding formula uses a dependent allowance of $3,000 annually, which is unchanged from 2023, but does not carry over the personal allowances that depended on filing status in previous years. Instead, the standard deduction is greatly increased to $24,000 annually for the married filing jointly status, from $7,100, and to $12,000 for other statuses, from $5,400 or $3,550.
The graduated tax rates used for supplemental payments were ...
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.