The Internal Revenue Service released new income tax withholding tables for 2013 late Monday to reflect the expiration of the 2001 and 2003 Bush tax cuts and the more recent payroll tax cuts of 2011 and 2012, but noted that the guidance would be modified if Congress acts.
The Senate passed legislation in the early hours of Tuesday morning on New Years Day to extend income tax cuts for single taxpayers earning under $400,000 a year and married couples under $450,000 a year. Under the deal approved by the Senate, the top rate for income above those levels would rise to 39.6 percent, up from 35 percent.
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