2018 Form W-4 Released February 28th
The Internal Revenue Service (IRS) released an updated Withholding Calculator earlier this year and a new version of Form W-4 this week, to assist taxpayers in checking their 2018 tax withholding following passage of the new tax law in December. The changes in the new tax law include increasing the standard deduction, removing personal exemptions, increasing the child tax credit, limiting or discontinuing certain deductions and changing the tax rates and brackets. Because of the changes, the IRS is encouraging taxpayers to use the tax calculator to make sure they have the correct amount of tax taken out of their paychecks. Any employees that wish to change their deductions will need to fill out the 2018 version of the Form W-4. Employers should also begin using this form for any new hires and should have begun using the new income-tax withholding tables no later than February 15 of this year.
For more information on this or any personnel-related matters contact Andrea Shindlebower, personnel services specialist.
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