Treasury releases withholding tables for new tax law
Treasury releases withholding tables for new tax law
Treasury Secretary Mnuchin applauds Walmart for wage increase
14 January, 2018, 00:14
The new guidelines adjust how much income tax must be taken out from employee paychecks after taking into account exemptions claimed by employees on their IRS Form W-4, filed with their employers to help determine withholding.
Businesses across the country must adopt the changes by February 15.
U.S. Rep Mike Johnson released a statement on January 11, the day the Treasury Department announced the news that likely will increase the amount of money a number of American workers take home each paycheck, starting as early as February.
Individuals may see increases in their paychecks as soon as February under updated 2018 withholding tables released by the IRS Jan. 11. Setting up a new withholding system is expected to take most of 2018.
But the taxing service did note that the new tax rates will require a new approach to the W-4 forms and that it should have the new forms by 2019. "Then they can decide what they want to do", the senior IRS official said.
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And roughly three-quarters of tax filers are overwithheld because they take too few allowances.
For people with simpler tax situations, the new tables are created to produce the correct amount of tax withholding. President Donald Trump and the Republican architects of the tax plan have deflected criticism of the unpopular legislation, insisting at every turn that Americans will come to love the new law when they see their heftier paychecks next month - with less money withheld in anticipation of lower income taxes.
"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. The IRS will work with the business and payroll community to encourage workers to file new Forms W-4 next year and share information on changes in the new tax law that impact withholding.
The top Democrats on the House Ways and Means and the Senate Finance committees have raised concerns about whether the new tables could lead to systematic underwithholding.
The GAO has said Wyden's request must go through its usual review process before a decision to proceed is made. The new tables reflect the increase in the standard deduction, repeal of personal exemptions and changes in tax rates and brackets.
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