RALEIGH, N.C. (AP) — North Carolina's new tax overhaul law means potentially millions of workers have to fill out updated forms to adjust the amount regularly withheld from their paychecks to pay taxes.
The rules for withholding changed after the tax law passed this summer reduced income tax rates and eliminated dozens of tax exemptions and credits starting in 2014. At the same time, the standard deduction will grow. The forms need to be filled out by the end of the year.
The Department of Revenue sent the updated forms and other materials to about 240,000 employers and payers of annuities and pensions, which is considered income. More than 4.3 million taxpayers reported in 2012 having withheld at least some money.
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