In December of 2017 the US Congress passed the Tax Cuts and Jobs Act of 2017, many employees and employers are seeing the impact of these tax cuts on their paychecks. To keep in line with these changes, the Colorado department of labor has initiated new tax withholding tables to begin on April 1, 2018. Normally the state updates these on odd-numbered years but they updated this year to keep in line with new Federal tax withholding tables. These tables will be updated again as scheduled in 2019.
As a business owner it can be challenging to understand these tax tables and how to apply them to your employees checks. Our software will handle these calculations for you, taking out much of the work that is put on a business owners shoulders to calculate the checks each pay period.
Reference:
Colorado Income Tax Withholding for Employers. (2018, March 30). Retrieved April 6, 2018, from https://www.colorado.gov/pacific/sites/default/files/DR1098.pdf
