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IRS Releases New Form W-4 and Online Withholding Calculator
posted: Friday, March 2nd
Tools Aim to Help Taxpayers Review Withholding Following New Tax Law
The Internal Revenue Service (IRS) has released new versions of Form W-4 and its online withholding calculator to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December 2017. The IRS urges taxpayers to use these tools to make sure they have the right amount of tax taken out of their paychecks.
Among other things, the Tax Cuts and Jobs Act increased the standard deduction, removed personal exemptions, increased the child tax credit, limited or discontinued certain deductions, and changed the tax rates and brackets. If changes to withholding should be made as a result of these changes, the withholding calculator gives employees the information they need to fill out a new Form W-4. Employees must submit the completed W-4 to their employers.
