Smaller Pay Checks!

There's been a lot to pay attention to this week — Election Day, the World Series and leftover Halloween candy. But if you got a paycheck this week, here's one more thing you may notice: As of Nov. 1, more state tax is being withheld from your income with every check. Here's an explanation, with help from the Franchise Tax Board and local tax preparers, of what happened, why, and why you'll probably get that extra money back — eventually.

1. Q Why is the amount of state tax withheld from my paycheck increasing?

A In an effort to close the state's huge budget gap earlier this year, the Legislature passed a law, ABX417, to allow income taxes to be collected on an accelerated basis. But the withholding increase is not technically a tax increase. The idea was to bolster the state's revenues by about $1.6 billion in fiscal year 2009-10 without actually approving any new taxes. This was a part of the article that was cut and pasted which was written by Sue McAllister of the Mercury News.

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Ultimate Truth Seeker

Joined: Jun 9, 2009

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Carson, CA

1. Q Why is the amount of state tax withheld from my paycheck increasing?

A In an effort to close the state's huge budget gap earlier this year, the Legislature passed a law, ABX417, to allow income taxes to be collected on an accelerated basis. But the withholding increase is not technically a tax increase. The idea was to bolster the state's revenues by about $1.6 billion in fiscal year 2009-10 without actually approving any new taxes.

This was a part of the article that was cut and pasted which was written by Sue McAllister of the Mercury News but would not post and I could not get it into the posting.

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