IRS rolls out new tax tables for promised bigger paychecks
14 January, 2018, 00:13 | Author: Malcolm Fuller
While employers can begin doing this voluntarily, they will have to comply with the new guidance by February 15.
The Treasury Department reports that approximately 90 percent of workers will instantly see larger paychecks once employers put the tax tables into practice, CNN Money reported. They should continue to use the 2017 withholding tables until implementing the 2018 withholding tables. "We've constructed the tables so that most people should be accurately withheld if they leave their W-4 in place", an IRS official noted on Friday. With these new guidelines, companies can start adjusting employee paychecks.
"The IRS appreciates the help from the payroll community working with us on these important changes", said Acting IRS Commissioner David Kautter. The new law provides steep tax cuts for corporations and wealthy Americans while offering more modest reductions for most low- and middle-income families and individuals.
To ensure an accurate calculation, taxpayers will have to enter their personal financial information into a calculator expected to be unveiled next month on the website IRS.gov. The effort will be created to help workers ensure that they are not having too much or too little withholding taken out of their pay.
This morning I've decided that the most important thing I can tell you about is a change to the tax table.
Individual taxpayers aren't required to make any changes to their Form W-4 right now. Taxpayers are encouraged to use the calculator to adjust their withholding once it is released.
Treasury Secretary Steven Mnuchin at the White House press briefing on Thursday dismissed suspicions that administration is "juicing" the tables as a "ridiculous charge".
Most people fill out their W-4 form when they're hired at a new job and don't change it unless they get married, have kids, get divorced or experience other life-changing situations.
"We think there will be over $1 trillion in growth, so I do think this will pay for itself", Mnuchin said at an event hosted by the Economic Club of Washington, dismissing estimates from the Joint Committee on Taxation that the tax cuts will increase USA deficits by $1.1 trillion to $1.5 trillion over 10 years.
For 2019, the IRS anticipates making further changes involving withholding. But the IRS expects that many taxpayers will have to do so later this year, when the agency releases a revised version of the form.
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