Treasury: 90% of wage earners will likely see higher take-home pay

14 Enero, 2018, 02:06 | Author: Arnold Perez
  • Reuters

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.

U.S. Treasury Secretary Steve Mnuchin said Friday that he wants to ensure the government keeps regulatory authority over cryptocurrencies like bitcoin.

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".

More news: NC murder suspect shot dead after 'ambushing' officers at police station
More news: Huawei brings in Wonder Woman as CEO for United States invasion
More news: Inspection notices at 7-Eleven stores served by immigration officials

"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.

Recomendado:

  • Rouhani orders labor min. to immediately determine fate of oil tanker crew

    Rouhani orders labor min. to immediately determine fate of oil tanker crew

    It was not clear as of Sunday afternoon whether the tanker was still spilling oil. The Crystal's crew members were all Chinese nationals.
    College Football Sportscaster Keith Jackson Dies At Age 89

    College Football Sportscaster Keith Jackson Dies At Age 89

    Jackson began his career in broadcasting sports games in 1952 when he called the Washington State and Stanford football game. Jackson rose above that incident, later winning an Emmy and being inducted into two sportscasting halls of fame.
    Astronauta corrige su 'estirón' en el espacio; admite error

    Astronauta corrige su 'estirón' en el espacio; admite error

    Esto se debe a la ausencia de gravedad, que hace que las vértebras se separen y que la columna se expanda. El astronauta nipón mencionó que no crecía tanto desde la adolescencia.
  • Marathon Petroleum (MPC) Getting Somewhat Positive Media Coverage, Analysis Shows

    Frontier Capital Mngmt Co Ltd Liability Company stated it has 0% of its portfolio in Marathon Petroleum Corporation (NYSE:MPC). The investor is now holding $37.87 million shares due in part to a decrease of 1.39 million new shares in their portfolio.
    Zeman wins Czech presidential first round vote with 90 percent counted

    Zeman wins Czech presidential first round vote with 90 percent counted

    Klara, a young woman who will vote for the first time this weekend, wants to see a change of direction in her country. With this result, Zeman and Drahos will face a second and definitive electoral round on January 26th and 27th.
    (AMZN) Shares Sold by Chicago Equity Partners LLC

    (AMZN) Shares Sold by Chicago Equity Partners LLC

    The e-commerce giant reported $0.52 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.57). BMO Capital Markets reiterated an "outperform" rating on shares of Amazon.com in a report on Friday, December 16th.
  • Podcast: Here's what it was like covering the Golden Globes blackout

    Podcast: Here's what it was like covering the Golden Globes blackout

    And almost every soul wore black in support of the Time's Up movement and as a statement against sexual misconduct in Hollywood. It was a night of unusually powerful speeches, whether long or short, that touched eloquently on the #MeToo moment.

    James Franco Skipped the 2018 Critics' Choice Awards

    Guillermo del Toro's fantasy romance, " The Shape of Water ", was the top film victor with four awards . Oscar voting for nominations takes place from January 5 to January 12, according to The Wrap .
    Pyongyang y Seúl dialogarán a nivel de trabajo el 15 de enero

    Pyongyang y Seúl dialogarán a nivel de trabajo el 15 de enero

    Según las sanciones del Consejo de Seguridad de las Naciones Unidas , Corea del Sur no puede ofrecer dinero en efectivo directamente a Corea del Norte cuando apoye los gastos de alojamiento.
  • Raiders plan to hire Tom Cable as offensive line coach

    Raiders plan to hire Tom Cable as offensive line coach

    That will mean a reunion between the Seahawks and Cable for the Seattle-Oakland game in London next October 14. Among the media in attendance, Steve Wyche and James Palmer from NFL Network weighed in on the event .
    'Betrayed' Pakistan army chief won't ask for further USA  aid

    'Betrayed' Pakistan army chief won't ask for further USA aid

    Also in question is nearly $1 billion of USA military equipment that has allowed Pakistan access to advanced military technology. This is unedited, unformatted feed from the Press Trust of India wire.

    American Eagle Outfitters (AEO) Short Interest Down 32.7% in December

    Wall Street experts also assign a $18 price target on PTC Therapeutics, Inc., pointing towards a -17.09% drop from current levels. Finally, Shelton Capital Management bought a new stake in American Eagle Outfitters in the second quarter worth $154,000.


Popular

Trump Says US "Could Conceivably" Rejoin Paris Climate Accord
He repeated to reporters what he said when he pulled out of the agreement last June, that it "was a bad deal for the US". Almost every other country in the world has signed the agreement.

GKN rejects takeover from Melrose, to split in two
Those calls became louder after a profit warning in October, which was sparked by the difficulties at its aerospace business. But Melrose shares have subsequently climbed 7%, lifting the value of the offer to 422p a share.

Israel realiza un bombardeo sobre la Franja de Gaza sin dejar heridos
Israel responsabiliza al movimiento palestino HAMAS, al que considera como una organización terrorista, de todas las actividades en Gaza.

ANC Denies Reports About President Zuma's Demands For Stepping Down
ANC NEC members who spoke to the newspaper on condition of anonymity says the talks have now ground to a halt. The interfaith prayers were dominated by the request for unity and an end of corruption.

Retail Box leaks the specs of Samsung Galaxy S9 and S9 Plus
Instead, the Samsung device will feature a Super Speed Dual Pixel camera with a 12MP sensor and optical image stabilization. Keep it here at SlashGear for more, as it nearly certainly won't be long before we're talking about the Galaxy S9 again.

SC to hear tomorrow the plea seeking probe into Judge Loya's death
Loya died of a cardiac arrest in Nagpur on December 1, 2014, when he had gone to attend the wedding of a colleague's daughter. Senior advocate Indira Jaising , appearing for journalist Lone, also said that matter should not be heard by the apex court .

Confirman llegada de Landon Donovan al León
Jesús Martínez , presidente del Club León , confirmó la llegada del norteamericano a través de su cuenta de Twitter . Una de las principales figuras del futbol estadounidense se sumó a las filas del Club León .

Eln ha cometido 12 ataques tras el fin del cese al fuego
Con este panorama, Colombia recibirá este sábado la visita del secretario general de la ONU , António Guterres, quien será recibido por Santos en Bogotá .

BRCA gene does not alter breast cancer survival rates
USA regulators have approved the first drug aimed at women with advanced breast cancer caused by an inherited flawed gene. Jolie surgically removed and reconstructed her breasts as a preventive measure after learning her BRCA status.

Steelers WR expected to play Sunday despite illness
He was a full participant in practices Wednesday and Thursday before not practicing Friday after being sent home with an illness. Brown caught 10 passes for 157 yards in that game, a 30-9 defeat which saw Ben Roethlisberger throw five interceptions.