Feb 6, 2018, 4:02 PM
(from the Society for Human Resource Management) As soon as possible but not later than Feb. 15, 2018, employers should begin using the 2018 income-tax withholding tables that reflect changes made by the tax reform law enacted at the end of December. The new withholding tables are designed to work with the current W-4 that workers have already filed with their employers to claim withholding allowances. The IRS, however, is working on revising Form W-4 to reflect changes in the new law regarding available itemized deductions, increases in the child tax credit, the new dependent credit and repeal of dependent exemptions. The IRS does not expect to release a revised 2018 Form W-4 and instructions until late February. To help employees determine their optimal withholding, the IRS is revising the withholding tax calculator on IRS.gov. The IRS anticipates this calculator should be available by the end of February.
Related content: New Tax Withholding Tables in Effect
Listen to the latest episode of the Net Assets podcast.
