Finance: “New” IRS Withholding Tables Available

Deepak Gupta
Deepak Gupta July 15, 2022
Updated 2022/07/15 at 5:52 PM

Want to know how much you will actually earn in 2022? For this you will need to know how much of your monthly salary or pension will be withheld.

The Government corrected and republished the IRS withholding tables. Find out what has changed.

New IRS Withholding Tables for Work Income have been revised

The IRS withholding tables for income from work were revised to include the correction of rates applied to income between 741 and 760 euros for married individuals and in households with two holders. The changes were made in view of the forecast of increases in the Civil Service.

THE new table was published on the Finance Portal and now provides for a withholding tax of 1% for taxpayers with two children, instead of exemption. For these taxpayers, when they have only one child, a discount of 3.7% is applied.

The tables that apply to most dependent workers were revised again, last Tuesday, to ensure that workers in the initial positions of the civil service technical assistant career will have net salary increases, according to Dinheiro Vivo.

With the changes carried out by Finance, single taxpayers without children will now have a monthly net gain of 2.8 euros.

Already married, two holders, with two children, will have a net salary increase of 33.08 euros after all discounts have been applied, already considering the 1% withholding of IRS, published today. Those married with one child will have a net gain of 12.61 euros.

In addition to technical assistants, senior technicians will also have gross pay increases of around 52 euros, and doctorates will now have a salary base of 1,632 euros, in a premium of 365 euros compared to graduates and workers with a master's degree. All these increases will be applied this year, with retroactive effect to January.

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