Seattle Payroll Expense Tax 2024. $8,135,746 or more of payroll expense in seattle for the past calendar year (2022), and. The tax rate ranges between.7% and 2.4% and is based on both the annual compensation paid to each employee and the total seattle payroll expense of the.
The payroll expense tax takes effect on january 1, 2021, with a sunset date of december 31, 2040. If you need to file a 2022 annual tax return for a business with taxable revenue that is under the $100,000 threshold, you can download this tax form.
$9.8 Million Increase In General Fund ;
$8,511,281 or more of payroll expense in seattle for the past calendar year (2023), and compensation in seattle for the current calendar year (2024) paid to at least one employee whose annual.
Excess Revenue From Seattle Jumpstart Payroll Tax May Help Absorb Increasing Budget Shortfalls In 2023 And 2024, But The City Will Still.
The payroll expense tax in 2024 is required of businesses with:
Major Revenue Projection Updates Across 2023 And 2024 Relevant To The Ongoing Budget Process Include:
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No Business Shall Owe A Payroll Expense Tax For Payroll Expenses After December 31, 2040, And This Chapter 5.38 Shall Be Limited To Determining And Collecting The Payroll Expense.
For businesses with payroll expenses of at least $100 million and less.
The City Of Seattle Adopted The Payroll Expense Tax (Pet) In July 2020.
Payroll will be taxed at 1.7% for employees with annual compensation of at least $400,000.
Last Month, The Seattle City Council Voted To Increase The Payroll Expense Tax By 6.5%.