The IRS has released its 2023 cost-of-living adjustments (COLAs) to the dollar limitations on benefits and contributions to qualified retirement and deferred contribution plans.
As mandated by the Internal Revenue Service, payers must use Form W-4R to withhold the correct amount of federal income tax from nonperiodic payments or eligible rollover distributions from a retirement plan, annuity or individual retirement arrangement.
This How To helps an employer determine which jurisdictions' income taxes to withhold from the pay of employees who routinely perform work for the employer in more than one state.