South Carolina withholding tables adjusted for tax cuts
Most SC workers will see less state taxes withheld in their 2023 paychecks, according to announcement today by the state Department of Revenue.
What’s new:
- State Withholding Tax Tables have been adjusted, in part due to the Comprehensive Tax Cut Act of 2022 passed by state lawmakers this summer.
- Most workers will see less state taxes withheld in their 2023 paychecks as a result of the Withholding Tax Tables update.
- The top Income Tax rate has been reduced from 7% to 6.5% and could be reduced again in the future if certain general fund growth tests are met.
Most South Carolina workers will see less state taxes withheld from their paychecks in 2023 as the result of adjustments in the state Withholding Tax Tables by the South Carolina Department of Revenue (SCDOR). These updates follow this summer’s tax cuts by state lawmakers.
Legislators voted to reduce the top Income Tax rate from 7% to 6.5% beginning in 2022. The rate of 6.5% could be reduced in the future if certain general fund growth tests are met. In November, the SCDOR updated its Withholding Tax Tables for 2023, taking the tax cut into account. The tables are used by employers to determine how much South Carolina Income Tax is to be taken out of workers’ paychecks.
The full announcement is on the SCDOR website.