Friday, December 19, 2014

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Big raise coming to all NC workers

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TWC News: Big raise coming to all NC workers
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CHARLOTTE -- A notice to everyone who makes money in North Carolina: there's a new tax form to fill out. As part of the Tax Reduction and Simplification Act, every worker needs to fill out the new NC-4 form. It's part of an effort to cut taxes.

The new form, however, is creating a paperwork nightmare for those in payroll and HR.

"I've been inundated," said Roy Brown, CFO for the Employer's Association. "I've been averaging eight to 10 calls a day."

All of those calls are dealing with the NC-4 form. Every person who works or receives an annuity or pension needs to fill out of the forms by year's end. That's 4,342,988 people, to be exact.

"So payroll companies are going crazy getting the forms, because they have thousands to key in," said Brown. "Employers are going crazy because they've got to go collecting them from every employee."

Brown says 95 percent of North Carolinians should be able to use the NC-4EZ form.

The bonus comes Jan. 1.

"It's really to everyone's benefit. I'm excited because I'm looking forward to paying less taxes," said Brown.

All workers will pay up to 2 percent less income tax next year. That's more than $800 a year on the average salary of $42,000.

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