Who should do a #PaycheckCheckup with the new #IRS Withholding Calculator to make sure they’re not having too little or too much tax
The Tax Cuts and Jobs Act made major changes to the tax law. Because of this, you should do a paycheck checkup using the Withholding Calculator on IRS.gov.
Recent changes affecting withholding include:
- Reduced tax rates
- Elimination of personal exemptions
- Increased standard deductions: $12,000 for singles, $18,000 for heads of households and $24,000 for married couples filing jointly
- Increased child tax credit: $2,000 per qualifying child and a new $500 credit for other qualifying dependents
- Changes to itemized deductions
See IRS.gov/taxreform for more information.Date: May 1, 2018
For more help with tax topics please visit our Tax Help Page.