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Child care contribution tax begins July 1
https://www.wcax.com/2024/06/28/child-care-contribution-tax-begins-july-1/(0:29 min. video at link)
Child care contribution tax begins July 1
By WCAX News Team
Published: Jun. 28, 2024 at 6:30 AM EDT
BURLINGTON, Vt. (WCAX) - Starting on Monday, you could see a new tax listed on your pay stub.
As of July 1, employers will pay a 0.44% payroll tax on wages paid towards the Vermont Child Care Contribution tax. Employers can choose to withhold a quarter of that tax from employees.
Self-employed Vermonters will pay a 0.11% tax on self-employed income.
These changes stem from Act 76, which was passed by the legislature in 2023 with the goal of easing the state’s child care crisis.
By WCAX News Team
Published: Jun. 28, 2024 at 6:30 AM EDT
BURLINGTON, Vt. (WCAX) - Starting on Monday, you could see a new tax listed on your pay stub.
As of July 1, employers will pay a 0.44% payroll tax on wages paid towards the Vermont Child Care Contribution tax. Employers can choose to withhold a quarter of that tax from employees.
Self-employed Vermonters will pay a 0.11% tax on self-employed income.
These changes stem from Act 76, which was passed by the legislature in 2023 with the goal of easing the state’s child care crisis.