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YCS Employess NEW NC-4 WITHHOLDING FORMS

posted Dec 4, 2013, 9:53 AM by khball@yanceync.net   [ updated Dec 4, 2013, 9:55 AM ]
For YANCEY COUNTY SCHOOLS EMPLOYEES


NEW NC-4 WITHHOLDING FORMS IMMEDIATE ACTION REQUIRED



The North Carolina General Assembly recently enacted House Bill 998 which becomes effective for taxable years beginning on or after January 1, 2014. Under this new law, taxpayers may no longer claim a personal exemption for themselves, their spouse, children, or any other qualifying dependents. Most taxpayers will not be entitled to as many allowances, and as a result, more taxpayers should claim zero (0) allowances. Additionally, many deductions and tax credits that impact North Carolina withholding tax are no longer available for tax years beginning on or after January 1, 2014.



As a result of this Act, we must have all employees provide a new Employee’s Withholding Allowance Certificate, either Form NC-4 EZ or Form NC-4. The new form must be completed by the employee and provided to the employer so the correct amount of State income tax is withheld for any payment periods beginning on or after January 1, 2014.

If you do not provide a new NC-4, we are required to withhold based on Single with zero (0) allowances.



Attached are the NC-4 and NC4-EZ forms. For more information on this law and how to complete the forms, you may visit http://www.dornc.com/taxes/wh_tax/newnc4.pdf




If you have specific questions, please contact you tax preparer.




Please return these forms to Daphne Hughes, Payroll Coordinator by January 10, 2014.
Ċ
khball@yanceync.net,
Dec 4, 2013, 9:53 AM
Ċ
khball@yanceync.net,
Dec 4, 2013, 9:53 AM