As of October 1, 2012 the State of Michigan is reducing its income tax on individuals from 4.35% to 4.25%. This was originally supposed to take place on January 1, 2013 but was pushed forward. In the same bill, Governor Snyder increased the personal tax exemption from $3,700 to $3,950.
These changes will affect how much should be withheld from your paycheck. If you prepare payroll for employees of your business, please click on the following link and print the updated income tax withholding table to adjust withholdings as necessary.
