IRS releases new tax withholding guidelines
- By FederalSoup Staff
- Jan 11, 2018
The Internal Revenue Service on Jan. 11 released the new income-tax withholding tables as part of the recently approved $1.5 trillion tax reform bill, and it shows that employees could start seeing changes in their paychecks as soon as next month.
The new guidelines indicate how much employers should withhold as taxes from workers’ paychecks beginning Feb. 15.
The president and Republicans insist that Americans will be pleased with the new tax law once they see less money being withheld from their income.
“With this guidance, most American workers will begin to see bigger paychecks. We estimate that 90 percent of wage earners will experience an increase in their take home pay,” U.S. Treasury Secretary Steven T. Mnuchin, said in a statement, adding, “These tax cuts will ensure that American workers are able to keep more of their hard earned income and decide how to spend, invest or save it.”
View the new guidelines here.