Mississippi recently released an updated version of Publication 89-700, the Withholding Income Tax Tables and Employer Instructions. This publication contains instructions and requirements for employer-related tax reporting, including withholding tax information reporting.
Other than minor formatting changes, there are only two notable changes in the most recent version of this publication.
- Income Tax Rates: the taxable income and relevant rates have been updated.
- Previously the Incomes & Rates were: First $5,000 = 3%, Next $5,000 = 4%, Excess of $10,000 = 5%.
- Now, the Incomes & Rates are: First $1,000 = 0%; Next $4,000 = 3%; Next $5,000 = 4%; Excess of $10,000 = 5%.
- Information at source reports on interest, rents, premiums, annuities, dividends, remunerations, emoluments, etc. other than salaries or wages (1099 reports) are required to be filed with the Mississippi Department of Revenue by February 28^th^ of the following year.
- Previously these reports were due by March 31 of the following year.
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