Maryland raises tax rates

Maryland raised income tax rates for singles making over 100,000 and married couples over 150,000.  The increase starts at a quarter percent up to 1 percent for those over $250,000.  With the addition of local taxes this takes Maryland income tax rates into the 8.75% range.  This tax increase is retroactive to January 1, 2012, certain higher income Maryland residents need to make sure they address withholding changes on their paychecks.