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New Form W-4, Online Withholding Calculator Released

(posted: April 1st, 2018)

New W-4 and online withholding calculator

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
  • changed the tax rates and brackets

With so many changes to the tax laws, all employees should double check their paycheck withholdings. If updates need to be made as a result of these changes, the IRS 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.

As a service to your employees, you can provide the following links via internal newsletter, intranet, and/or break room notice boards:
IRS Online Withholding Calculator
New Form W-4

If you have questions about employee withholdings or other tax questions, please contact your tax professional.

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