Withholding RateEffective October 1, 2012, the income tax withholding rate will change to 4.25% and the personal exemption amount will change to $3,950. The pension and/or retirement benefit withholding rate will also change to 4.25%, however, there is no adjustment to the monthly pension deduction amount. Withholding Tables have been updated.
Health Insurance Claims Assessment (HICA) ActOn September 20, 2011, Governor Snyder signed legislation creating the HICA Act (Public Act 142 of 2011). Beginning January 1, 2012, certain third party administrators, carriers and self-insured entities are required to pay an assessment on certain paid health care claims.