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giftedviz.com September 21, 2018


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

12 January 2018, 12:25 | Darnell Patrick

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

President Donald Trump has touted that the public will start seeing the tax cuts in February when the new withholding tables reflecting the updated tax code are put in place

But many Americans, including those who tend to itemize their tax returns, will need to use the online tool to ensure they are not dramatically overpaying or underpaying their taxes.

If they find their paychecks are inaccurate, it will be incumbent on the employees to tell their employers to make corrections.

Companies have been awaiting details from the IRS since late last month, when lawmakers passed a sweeping tax overhaul that changes tax rates and brackets, increases the standard deduction and repeals personal exemptions.

"We estimate that 90 percent of wage earners will experience an increase in their take-home pay", Treasury Secretary Steven MnuchinSteven Terner MnuchinMark Mellman: History's judgment Trump's motorcade greeted with chants of "lock him up" in NYC Treasury watchdog probes lack of tax plan analysis from Mnuchin MORE said in a news release. The IRS emphasizes this information will be created to work with the existing Forms W-4 that employees have already filed, and no further action by taxpayers is needed at this time.

The Internal Revenue Service released guidance for employers about how much tax they should withhold from workers' paychecks in 2018 - and said it would soon offer an online calculator that employees can use to make sure the amounts are correct.

Less than three weeks after Trump signed Republican tax legislation into law, the IRS is developing new withholding tables to advise employers on how much federal tax to withhold from paychecks under the new regime. Currently, 76 percent of Americans who file their taxes receive a tax refund. "Then they can decide what they want to do", the senior IRS official said.

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Mnuchin threw cold water Thursday on a proposal floated by two such states - California and New Jersey - to get around the $10,000 limit on deducting state and local taxes from federal income.

"Republicans are using brute force and speed to implement a law that will deliver a financial blow to hardworking Americans all across the country", Sen. Ron Wyden, D-Ore., said in a statement.

Many Americans are likely to see changes and adjustments this year in their tax payments as the law goes into effect. There are also new limits on the mortgage interest deduction, and the Child Tax Credit was expanded.

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.

And roughly three-quarters of tax filers are overwithheld because they take too few allowances.



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