MYRTLE BEACH, S.C. (WBTW) — Most South Carolina workers could see less taxes withheld from their paychecks in 2023, according to the South Carolina Department of Revenue.
The top income tax rate was reduced from 7% to 6.5% by legislators in 2022, according to the SCDOR. The department has updated its withholding tables to reflect the tax cuts.
A worker making $39,000 with three allowances in 2022 would have had $1,378.86 withheld, while in 2023, under those same circumstances, would have $757.35 withheld, according to the SCDOR, giving that worker an extra $621.51 throughout the entire year.
The amount of change will depend on a number of factors for each individual taxpayer.
More information about the updated withholding tables and tax formulas can be found on the South Carolina Department of Revenue website.