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Form W-2 2023 Bridgeport Connecticut: What You Should Know
Wages, Wages & Wages — Connecticut Department of Revenue Services A few days ago, the CT Legislature passed the 2023 budget (HE 4) and the state's tax bill had to be passed. After a lengthy and controversial debate, the state's tax laws have been updated to include a few major changes to how Connecticut taxes both wages and wages more than wages and salaries. The state's new wage tax was proposed by Senate Republican Leader Len Casino, and passed on a 27-21 vote this afternoon. The new law will raise 2.9 billion over the next 15 years. The wage tax raises the state's wage rate from 7.65 percent to 7.99 percent, up from the former rate of 7.45 percent. It will affect both salaried and hourly workers, including some managers and supervisors. The wage tax also increases the amount of earnings from an employer that is exempt from tax to 1,250% of the wage earned, which means the new wage rate from 7.99 to 8.25 percent applies to salaries up to 115,000 and 125,000, respectively. The new wage tax rates will take effect on January 1, 2018, beginning with wage earnings of 115,000 or more. However, the new wage tax rate only applies when the person's earned income exceeds 115,000 per year. The new wage tax applies, with respect to wage income, when both wages and salary are included in the calculation of gross wages. A few examples of gross wages include the “allowance for a family of four,” or the state's standard of living, or salary, or the “tax ability of the employer's participation in a pension plan,” or “federal income tax withholding.” These examples are merely to help explain the concept of gross earnings, but you should be careful not to confuse gross earnings with an employee's wages. When to File a Gross Wages Tax Return When earning wages, filing a gross wage tax return is a good strategy. This is the best way to minimize your liability, collect extra wages, and avoid penalties when calculating your net wage, after-tax wages, after-employment deductions, and the amount of your earnings and taxes withheld. There is no need to file a wage tax return for all wages received by anyone. Instead, file for the wages received by your self in the pay period in which you qualify.
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