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Form OK-W-4 is completed so you can have as much “take-home pay” as possible without an income tax liability due to the state of Oklahoma when you le your return. Deductions and exemptions reduce the amount of your taxable income.
Oklahoma employer’s withholding tax accounts can be established online at tax.ok.gov. During the online registration process, you will be given a choice for a payroll or retirement account. After registration with the Oklahoma Tax Commission (OTC) employers will be assigned an account
WITHHOLDING TAX. File your return and make payments at OkTAP. Withholding tax is the amount that an employer withholds from employees' wages and pays directly to the state. The amount withheld is a credit against the income taxes the employee must pay during the year.
OPERS has two forms to provide tax withholding preferences for federal and state taxes. Federal Tax Withholding Preference Certificate (2024 IRS Form W-4P) Oklahoma State Tax Withholding Preference Certificate (515-151OK-22)
Tables for Percentage Method of Withholding A: SINGLE person: If the amount of wages is: (after subtracting withholding allowances) Over but less than The amount of income tax to withhold is: $0 $1,588 $ 0 $1,588 $1,838 $ 0 +(0.25% of the excess over $1,588) $1,838 $2,213 $ 0.63 +(0.75% of the excess over $1,838)
The new Form OK-W-4 allows single filers to a claim a personal exemption of $1,000 and a standard deduction of $6,350, plus $1,000 for each dependent. In addition, married joint filers may claim a personal exemption of $2,000 and a standard deduction of $12,700, plus $1,000 for each dependent.
OPERS is required to withhold income tax from your monthly retirement benefit, unless you indicate on the withholding forms that you do not want taxes withheld. A new Withholding Preference Certificate may be completed at any time to change future withholdings.
Oklahoma’s 2024 withholding methods were released Nov. 27 by the state tax commission. The changes made in the 2024 Packet OW-2, Oklahoma Income Tax Withholding Tables, only affect married employees.
The 2024 tax rates and thresholds for both the Oklahoma State Tax Tables and Federal Tax Tables are comprehensively integrated into the Oklahoma Tax Calculator for 2024. This tool is freely available and is designed to help you accurately estimate your 2025 tax return .
Complete Form OK-W-4-P to have payers withhold the correct amount of state income tax from your periodic pension, annuity, profit-sharing and stock bonus plan, or IRA payments. State income tax withholding applies to the taxable part of these payments.