IRS Publication 1494 (2023), Table on Levy Exemptions for Wages, Salaries
The 2023 Federal Publication 1494 determines the amount of income exempt from wage garnishments, safeguarding a portion of individuals' earnings from being taken by creditors or legal orders. Here's what you need to know:
- Exempt Amount: This is the money that can't be taken from your wages or salary.
- Protection from Garnishment: It helps you understand how much of your income is safe from being taken by creditors.
- Financial Planning: Knowing this helps you plan your finances better and protects your income from being used to pay off debts.
- Employer Compliance: Employers must follow the rules in Publication 1494 when responding to legal orders for wage garnishments.
Remember, understanding Publication 1494 helps you protect your hard-earned money from unwanted surprises!
For current year income exempt from wage garnishments, visit here.