Draft federal withholding methods for 2024 were released Nov. 20 by the Internal Revenue Service.
The draft 2024 Publication 15-T, Federal Income Tax Withholding Methods, uses the 2023 tax brackets and amounts for illustrative purposes in the withholding rate schedules and wage-bracket tables, the IRS said. However, a spreadsheet included with the draft contains the federal income tax brackets in effect for 2024, inflation-adjusted withholding rate schedules and wage-bracket tables, and other amounts such as the value of a withholding allowance.
A withholding allowance, which is used with Forms W-4 from 2019 or earlier, will remain at $4,300 annually ...
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