Michigan’s 2023 withholding guide was released by the state treasury department.
The state uses a flat 4.25% tax rate. The value of a state allowance increased to $5,400, up from $5,000 in 2022, the guide said.
The state’s taxable limits on pension and retirement benefit payments are also adjusted each year. Payees born before 1946 can subtract from payments from private sources $56,961 if single or married filing separately or $113,922 if married filing jointly, up from $54,404 and $108,808 in 2022, the guide said.
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