Trying to keep up with your state’s withholding requirements? Here are the latest resources on Virginia state taxes for 2016.
Trying to keep up with your state’s withholding requirements? Here are the latest resources on Virginia state taxes for 2016.Withholding Requirements:
• Register as an employer by completing form R-1 or online by clicking here.
• Employee's Income Tax Withholding Exemption Certificate: Form VA-4.
Withholding Method = formula.
• Supplemental Rate = Withhold at 5.75% of the total.
Local Taxes: None.
State Unemployment Insurance (SUI): Benefit ratio formula.
Wage base is $8,000 for 2016.
Rates range from 0.1% to 6.27% (includes 0.07% pool cost charge)
.
New employers use 2.57% (includes 0.07% pool cost charge) in 2016.Foreign contractors doing business in VA use 6.54% in 2016.
State Disability Insurance (SDI): None.
State Labor Laws:
Minimum Wage -The federal minimum wage rate applies – $7.25.
Termination Pay - Fired/Quit - next regular payday.
Employers must report hiring, rehiring, and return to work within 20 days on Virginia New Hire Reporting form to:Virginia New Hire Reporting Center
P.O. Box 3757 Dublin, Oh 43016
Phone: 800-979-9014
Fax: 800-688-2680
To report online click here.
Remit Withholding for Child Support to: Division of Support Enforcement Department of Social Services
P.O. Box 570 Richmond, VA 23218-0570
Phone: 800-468-8894To report online click here.
Reciprocal States: Kentucky, Maryland, Pennsylvania, Washington DC, West Virginia. For paycheck calculations, visit PaycheckCity.
Other helpful links: Virginia Department of Taxation
Virginia Employment Commission
New withholding lock-in letters are expected to be approved in the near future. Once these letters are updated, the previous letters will be replaced. Employers and employees should know how to treat these lock-in letters.
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The start of the new decade presented many significant changes that impact paychecks. Federal, state, and local tax rates across the country typically change with the coming of the new year. Wage bases also change at the Federal and state level.
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