RALEIGH, Dec. 2, 2013–The General Assembly recently passed House Bill 998 which becomes effective for taxable years beginning on or after Jan. 1. Under the law, all taxpayers will pay a lower rate and be granted a higher standard deduction.
The new form must be completed by the employee and provided to the employer so the correct amount of State income tax is withheld for any payment periods beginning Jan. 1, 2014.
The North Carolina Department of Revenue will notify employers of their obligations by mail. Review the notification packet , which includes new versions of the NC-4 EZ, NC-4 and NC-4P along with instructions and other related information.
If you have questions about what the changes mean to your small business, call the department at 877-252-4487.