Idaho re-issues new 2014 withholding tables

Idaho has re-issued the new withholding tables. The exemption amount was wrong in the tables issued previously. The correct amount is $3,950. The tables are effective prospectively. No catch up or recapture is necessary. All of the tables are reproduced in this CCH Payroll Management Guide at ¶5878 and ¶5879. The Idaho personal income tax schedules are adjusted for inflation each year. The change is reflected in the income tax tables used to file individual income tax returns. The Tax Commission revises the withholding guide whenever the accumulated annual inflation adjustments or other factors cause a substantial change.

New semimonthly filing cycle

The updated withholding guidelines add information about the new semimonthly filing cycle that replaced the split-monthly filing cycle starting in 2014. Effective January 1, 2014, employers whose withholding equals or exceeds $240,000 in a 12-month period or equals or exceeds $20,000 per month pay withheld income taxes based on a twice-monthly reporting period. The first period begins on the 1st of the month and ends on the 15th of the month, with payment due by the 20th of the same month. The second period begins on the 16th of the month and ends on the last day of the month, with payment due by the 5th of the following month. Payment Due Date Tables for semimonthly filers, as well as for monthly, quarterly, and annual filers, are provided. (Idaho State Tax Commission, A Guide to Idaho Income Tax Withholding, June 24, 2014.)

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