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Tags: income | tax

California Boosts Income Tax Collection 10 Percent

Monday, 02 November 2009 05:08 PM EST

California wage earners will soon notice a little less money in their paychecks.

Starting Monday, employers in the cash-strapped state are required to withhold 10 percent more in state income taxes to help ease the budget problems.

It's part of a plan to artificially inflate state revenue by $1.7 billion through next June.

Brenda Voet, a spokeswoman for the state Franchise Tax Board, says it's technically not a tax increase since workers will get their money back after April 15.

A single wage earner making $51,000 a year with no dependents will get about $4 less a week.

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InvestingAnalysis
California wage earners will soon notice a little less money in their paychecks.Starting Monday, employers in the cash-strapped state are required to withhold 10 percent more in state income taxes to help ease the budget problems.It's part of a plan to artificially inflate...
income,tax
98
2009-08-02
Monday, 02 November 2009 05:08 PM
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