Treasury: 90% of wage earners will likely see higher take-home pay
14 Enero, 2018, 02:06 | Author: Arnold Perez
The White House said Thursday that businesses should make these adjustments by February 15, part of the administration's push for millions of workers to see bigger paychecks as quickly as possible. Revisions to the so-called withholding tables incorporate changes from the new tax law.
The updated withholding information, posted today on IRS.gov, shows the new rates for employers to use during 2018.
In a news release by the Treasury Department, employers are encouraged to implement the new withholding tables expeditiously but should do so no later than February 15, 2018.
About 90 percent of USA workers ultimately will see bigger paychecks thanks to the new tax-cut law, which necessitated the changes, and many of those gains will start in February, said Treasury Secretary.
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The new tables are designed not only to best approximate the change in workers' tax liability under the new law, but to do so in a way that "delivers benefits as soon as possible to as many people as possible with as little disruption as possible", a senior Treasury official told reporters. L. No. 115-97), the IRS said December 26.
The IRS also said it was not yet ready to issue a new W-4 form.
The new withholding tables are created to work with the Forms W-4 that workers have already filed with their employers to claim withholding allowances. "Taxpayers can not make these changes until the revised Form W-4 is published, which the IRS has announced will be forthcoming in the coming months".
"We have reviewed this very carefully, and based upon last year's withholding tables, approximately 76 percent of taxpayers were withheld so that they had refunds at the end of the year".
Notice 1036 also said that employers could withhold on supplemental wages of up to $1 million at a flat rate of 22 percent.
"This will help provide individuals with certainty, so that they are neither over-withheld or under-withheld and can plan their financial decisions", said. Form W-4 and the revised calculator will reflect additional changes in the new law, such as changes in available itemized deductions, increases in the child tax credit, the new dependent credit and repeal of dependent exemptions.
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.
In the meantime, he urged filers who have complicated tax situations - i.e., anyone who is not single, childless and holding down just one job - to review the number of allowances they now take on their W4s once the IRS puts out its new withholding calculator by the end of February.
Wyden and Neal have asked the Government Accountability Office to investigate their concerns. And that results in a refund when they file their tax returns.
The GAO is reviewing Wyden and Neal's request, agency spokesman Charles Young said in a January 11 email.
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