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techkenyot.com January 22, 2018


Paychex Updates New Payroll Tax Withholding Tables

13 January 2018, 10:50 | Hattie Nash

Susan Massa

Susan Massa

Among those changes are an increase in the standard deduction, new tax brackets and more.

The IRS also plans to release a new tax withholding calculator on its website late next month to help individual taxpayers determine the correct amount of withholding.

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Paychex Updates New Payroll Tax Withholding Tables

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. That means employees could start seeing the changes reflected in their paychecks next month, the IRS said. The online calculator will not be available until sometime next month. When they file their tax returns, if their tax payments were too high or too low, they must account for the difference through a refund or payment.

But Democrats have alleged the number could fall much more, accusing the White House of changing the tax tables in a way that will lead to Americans dramatically under-withholding their tax payments during the year, only to be hit with big tax bills next year. Ron Wyden, D-Ore., said in a statement. But the IRS expects that many taxpayers will have to do so later this year, when the agency releases a revised version of the form.

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"This will provide (Americans) with certainty so they are neither over-withheld or under-withheld", Treasury Secretary Steven Mnuchin said Thursday. There are significant limitations on long-cherished deductions, such as the federal deduction for state income, property and sales taxes.

The Treasury Department reports that approximately 90 percent of workers will instantly see larger paychecks once employers put the tax tables into practice, CNN Money reported. Businesses are rewarding their employees, expanding their operations and making new investments as a direct result of the Tax Cuts and Jobs Act.

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"Such a calculator will ask for anonymous inputs - for example, your income, number of dependents and other pieces of information that help determine whether you might be eligible for various tax breaks", CNN Money noted.

Nonpartisan tax experts project that the law will bring lower taxes for the great majority of Americans, though not all.

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These tax changes are all scheduled to expire after 2025, though Republicans have said they want to make them permanent.



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