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Paycheck Check-Up Before Year End
One way to avoid a surprise during the next tax season is to take time now for a paycheck check-up. Making sure the right amount of taxes are being taken out of a paycheck each month could keep employees from writing a check later. For both Federal and State taxes, tax withholding estimators exist.
Employees can update their W-4 at any time and as often as necessary. This knowledge base article explains how to update your withholding elections in Workday.
2023 Iowa Tax Withholding
You may notice a change in your Iowa tax withholding on your January 31st paycheck.
On March 1, 2022, Governor Reynolds signed into law a tax reform bill that includes establishing a 3.9% flat income tax rate that will be phased in over four years. Beginning in tax year 2023, there will be four tax brackets ranging from 4.4% to 6.0%. In subsequent years, the top rate will be reduced on an annual basis until a 3.9% flat tax rate is achieved in tax year 2026.
Employees can make changes to their state or federal W-4 (withholding) form anytime in Workday following these instructions: State Withholding Elections | Federal Withholding Elections.
The university is not able to give individual income tax advice, we recommend reviewing your withholding on a regular basis and contacting a professional tax advisor for information and assistance with your personal income tax planning and adjusting your W-4 form.