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When will the new tax cuts show up on your paychec

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Post# of 65629
(Total Views: 90)
Posted On: 01/12/2018 3:05:37 PM
Posted By: Bhawks
Re: Goodspeed65 #42852
Quote:
When will the new tax cuts show up on your paycheck?

Updated Jan 4; Posted Jan 4

Many employees will see a slight uptick in their take-home pay as a result of the GOP Senate plan.

By Leada Gore,
lgore@al.com


The Trump tax plan means some people will see more money on their paychecks in the coming year. Just how much remains to be seen, however.

The IRS said it is working on guidance for the implementation of the tax reform bill signed into law on Dec. 22. The initial guidance is expected in January with the changes themselves coming in February.

"Use of the new 2018 withholding guidelines will allow taxpayers to begin seeing the changes in their paychecks as early as February," the IRS said.

In the meantime, the IRS said, employers and payroll service providers should continue to use the existing 2017 withholding tables.

The tax code changes include elimination of personal exemptions, doubling the standard deductions and lowering the tax rates for corporations and most individuals. The cuts will translate into less federal withholdings and more take home pay for many workers.

The amount of the cut will depend on income and individual tax situations. The change isn't likely to be huge.

"When the taxes are reduced by 1 to 3 percent, that's not going to be a huge noticeable difference. It's not going to be hundreds of dollars," Pete Isberg, vice president of government relations at ADP, the largest payroll processor in the United States, told Reuters.

The IRS has also addressed a major concern of payroll processors: the potential that all employees would have to submit new W-4 forms, the documents used to tell preparers how much tax to withhold from employees' paychecks.

A massive re-do of the forms won't be necessary, the IRS said.

Whatever the changes they will be designed to work with existing W-4 forms and "no further action by taxpayers is needed at this time," the tax agency said.




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