Paysphere – Compliance Update 2018 IRS Withholding Calculator and Form W-4 Release Announced

Paysphere – Compliance Update 2018 IRS Withholding Calculator and Form W-4 Release Announced

The W4 changes were made to adhere to the Tax Cuts and Jobs Act by removing personal exemptions, increasing the child tax credit, limiting or discontinuing certain deductions and changing the tax rates and brackets.

Key Take Aways

  • It is highly recommended that every employee use the calculator to be assured that they are not over/under withheld in Federal taxes. 
  • The calculator will be more accurate than just the paper withholding documents.
  • The withholding calculator is easy to access and very user friendly. 
  • The withholding changes do not affect 2017 tax returns due this April. 
  • The IRS has stated the W-4 will change again in 2019.
IRS WITHHOLDING CALCULATOR
WITHHOLDING CALCULATOR FAQ