COLORADO WAGE WITHHOLDING TABLES UPDATED FOR The Colorado Income Tax by arnold1

VIEWS: 1,385 PAGES: 1

									            COLORADO WAGE WITHHOLDING TABLES UPDATED FOR 2006

     The Colorado Income Tax Wage Withholding Tables for Employers
(DRP 1098) have been updated for wages paid on or after January 1,
2006. The Colorado income tax rate of 4.63 percent has not
changed, but the withholding tables have been updated to
accommodate changes to the federal standard deduction and
exemption amounts.

      The tables are available on the Wage Withholding Forms page
at:

http://www.revenue.state.co.us/TPS_Dir/wrap.asp?incl=wagewithforms


                          2006 STANDARD MILEAGE RATES

     The Internal Revenue Service issued the 2006 optional
standard mileage rates used to calculate the deductible costs of
operating an automobile for business, charitable, medical or
moving purposes.

     Beginning January 1, 2006, the standard mileage rates for the
use of a car (including vans, pickups or panel trucks) will be:

             A. 44.5 cents per mile for business miles driven
             B. 18 cents per mile driven for medical or moving
                purposes
             C. 14 cents per mile driven in service of charitable
                organizations, other than activities related to
                Hurricane Katrina relief.

     The standard mileage rates for business, medical and moving
purposes are based on an annual study of the fixed and variable
costs of operating an automobile. Runzheimer International, an
independent contractor, conducted the study for the IRS.

      The mileage rate for charitable miles is set by statute.

              NEW SALES TAX RATES EFFECTIVE JANUARY 1, 2006

Sales tax changes effective January 1, 2006 for: Florence,
Lakeside, Seibert, Arvada, Carbondale, Glenwood Springs, Lakewood,
Loveland, Rifle, and Vail. If you are responsible for collecting
any of these sales taxes, be sure and change your records.

For those listed above go to
www.revenue.state.co.us/TPS_Dir/wrap.asp?incl=Jan06salestaxincreases


For complete listing go to
www.revenue.state.co.us/PDF/drp1002.pdf

								
To top