TAX WITHHOLDING SCHEDULES IN EFFECT JULY 1
Changes in government income tax withholding schedules that take effect July 1 may reduce the amount of income tax withheld from the wages of Old Dominion University employees, the university finance office notes.
The reductions in tax withholding are due to the reduction in the current 27%-and-higher tax brackets and the widening of the 10% tax bracket. The new tables, prescribed by the Department of the Treasury, reflect a change resulting from the Jobs and Growth Tax Relief Reconciliation Act of 2003.
If you do not want to have your withholding reduced, you may want to file a new Form W-4, Employee's Withholding Allowance Certificate, with the Payroll Office. You may claim fewer withholding allowances on line 5 or request additional amounts to be withheld on line 6. For additional help, get IRS Publication 919, titled "How Do I Adjust My Tax Withholding?," or visit the IRS Web site at www.irs.gov and use the "withholding calculator."
For more information, e-mail SIanuzi@odu.edu.
This article was posted on: June 26, 2003
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