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Treasury: 90% of wage earners will likely see higher take-home pay
12 January 2018, 12:25 | Darnell Patrick
IRS private debt-collection program hurts low-income Americans
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.
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.
Jay Bruce Agrees to Three-Year Deal to Return to Mets
The deal Bruce is getting from the Mets is for three years and $39 million, according to Bob Nightengale of USA Today. After being sent to Cleveland, however, Bruce said he enjoyed his time in NY and was open to coming back.
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.
Sony Unveils 3 Mid-Tier Xperia Smartphones Ahead Of CES 2018
The Sony Xperia XA2 Ultra has 8-megapixel 120-degree super wide-angle dual front cameras , both of which have front-firing flash. Quick charging is also supported for hours of power in just minutes of charging (requires Quick Charger UCH12W).
Marvel Studios taps writer to pen long-awaited Black Widow film
There's more great news because The Wrap reports that Jac Schaeffer is set to write a script for a Black Widow standalone movie. Fans were calling for a Black Widow spin-off for a long time and the project has finally gained momentum with the latest news.