Dec. 29—The 2016 Publications 15-A, Employer's Supplemental Tax Guide, and 15-B, Employer's Tax Guide to Fringe Benefits, were released by the Internal Revenue Service.
Publication 15-A, Employer's Tax Guide, includes the 2016 federal percentage-method withholding tables; the annual amount for one withholding allowance is $4,050. The publication also includes information on the extension of the work opportunity tax credit for tax-exempt organizations hiring qualified veterans and the treatment of payroll service providers as employers of film and television production workers under federal tax rules.
Additionally, Publication 15-A includes information on Form 8922, Third-Party Sick Pay Recap; same-sex marriage and alternative federal income tax withholding tables for use in 2016; error corrections for previously filed employment tax returns; worker-status issues and employees of exempt organizations.
Publication 15-B includes information on the retroactive increase in excludible transit benefits for 2015. The publication confirms that the standard business mileage rate for vehicular transportation or travel expenses is to fall to 54 cents a mile in 2016 from 57.5 cents a mile in 2015.
The two publications, which were dated Dec. 23, 2015, supplement Publication 15, (Circular E), Employer's Tax Guide, which was released Dec. 23. Publication 15 confirmed the new Jan. 31, 2017, due date for filing the 2016 Form W-2, Wage and Tax Statement, with the Social Security Administration.
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