How will the Aug. 1 tax increase affect you – and your clients?

Posted on July 28, 2011. Filed under: Uncategorized |

On August 1, Connecticut workers may notice some money missing from their paychecks!

The state income tax increase, which is retroactive to January 1, takes effect on August 1. How will it affect your tax liability – or that of your clients who may come knocking?

The Hartford Courant has an interactive chart this morning, demonstrating the tax liability for a married couple filing jointly in various brackets, in 2010 and 2011. Most Connecticut families, the newspaper states, will see their state income taxes increase by less than $150.

Effective August 1, 2011, make sure you’re using the revised withholding tax tables and new withholding calculation rules provided by the DRS.

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