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Deadline Looms for New Withholding Tables

By Net Assets posted 02-08-2018 09:53 AM

  

(from SHRM.org) Under the provisions of the new tax law, independent schools and other employers should begin using new income-tax withholding rates on paychecks no later than February 15. The new rates, clarified in IRS Notice 1036 released January 11, reflect the increased standard deduction, repeal of certain personal exemptions and changes in tax rates and income brackets in the law. As a result, 90 percent of wage earners will see increases in their paychecks, according to the Trump administration.

Employers will find additional withholding guidance in IRS Notice 2018-14, issued on January 28. In addition, the IRS is working on revising Form W-4 to reflect changes involving itemized deductions, increases in the child tax credit and other changes.

More at SHRM.org

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