A new year comes with new laws and regulations. If you live in Indiana, you may want to listen up. On January 1st, 2023, the Indiana Department of Revenue issued a revised Departmental Notice No. 1, How To Compute Withholding for State and County Income Tax. Three counties in Indiana, including Greene, Montgomery, and Perry, have experienced tax rate changes. The following are the new rates for each county:
- Greene: Increased to 2.15%
- Montgomery: Increased 2.65%
- Perry: Decreased to 1.4%
In addition, the state withholding rate decreased to 3.15%, which also decreases the state supplemental wage and tax rate to 3.15%.
Where GMS Comes Into Play
While laws and regulations are constantly changing, it’s essential for all business owners to ensure they remain compliant. Running your business and ensuring your employees are also complying adds a whole new layer of responsibility to your daily job functions. When you partner with GMS, our experts keep up with all rules and regulations you must stay on top of. Let us handle the administrative burdens you don’t have the time to handle. Contact us today to learn more.