Massachusetts withholding methods effective Jan. 1, 2024, were released Jan. 2 by the state revenue department and incorporate the state’s surtax on high earners.
The 4% surtax’s threshold in the withholding methods was indexed for 2024 and increased to $1,053,750, from $1 million. Annual income of up to the surtax’s threshold is taxed at a rate of 5%, and annual income of more than the threshold is taxed at a rate of 9%.
The value of a state allowance remained unchanged at $4,400 annually if one is claimed, or $1,000 for each allowance plus $3,400 if more than one is ...
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