What does LST mean on Paystub?

What does LST mean on Paystub?

Local Services Tax
The name of the tax is changed to the Local Services Tax (LST). Effective Date. This is the date when the taxpayer is liable for the new tax rate. Mandatory Low-Income Exemption.

What does opt LST mean on W2?

LST = Local Services Tax.

What is LST local service tax?

The Local Services Tax is a local tax payable by all individuals who hold a job or profession within a taxing jurisdiction imposing the tax. If the total LST rate enacted is $10.00 or less, the tax is to be collected in a lump sum.

How do you calculate LST tax?

The tax assessed on each employee for a payroll period is calculated by dividing the total rate of the LST by the number of payroll periods established by the employer for the calendar year. When calculating the prorated share, employers are required to round down to the penny.

What is a REV 419?

REV-419 Employee’s No withholding Application Certificate (Pennsylvania) – The REV- 419 form helps the employer withhold the correct state income tax from the employee’s pay, should the employee wish to withhold a different amount for state taxes.

Is PA LST tax deductible on federal return?

The PA Local Services Tax is an employment related tax not based upon income amount. Thus it is not a deductible local income tax. However, with the 2017 tax reforms, one can no longer claim unreimbursed business expenses, thus, this tax is not deductible at all. The maximum LST is $52 per individual per year.

Do I need to fill out a REV-419?

The REV-419 is not required but is recommended. Follow the instructions included on the form to calculate state income tax withholding.

What is LST tax in PA category?

The PA Local Services Tax is an employment related tax not based upon income amount. Thus it is not a deductible local income tax. In the past it could be deducted as a unreimbursed business expense and deducted as an itemized deduction subject to the 2% limitation.

What is a REV-419 ex?

Purpose. Complete Form REV-419 so that your employer can withhold the correct Pennsylvania personal income tax from your pay. Complete a new Form REV-419 every year or when your personal or financial situa- tion changes.