March 10, 2009 — Worker's tax withholding rates are going down under the American Recovery and Reinvestment Act of 2009, President Barack Obama's recently passed emergency stimulus spending package. The Virgin Islands Bureau of Internal Revenue wants employers to know and implement the new rates.
The new tax tables are issued in Publication 15-T, New Withholding Tables, which can be obtained on the Internal Revenue Service website. The Virgin Islands is awaiting its shipment of the revised publications, however, the information is already updated on the Internal Revenue Service website.
Under the stimulus act, taxpayers are entitled to a credit equal to the lesser of either 6.2 percent of their earned income; or $400 for single filers and $800 for joint filers, according to a statement from Government House.
Instead of getting a separate check from the Bureau of Internal Revenue, this years stimulus credit will be seen on paychecks, in the form of a reduction in the taxes withheld from the employees wages. Questions concerning the implementation of the withholding rates can be directed to the Bureaus Chief Counsel at (340) 715-1040, ext. 2249.
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