Treasury releases withholding tables for new tax law

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Lawmakers are encouraging American workers to check your check next month using the tables to ensure employers are adhering to new withholding guidelines.

"The time it will take for employees to see the changes in their paychecks will vary depending on how quickly the new tables are implemented by their employers and how often they are paid - generally weekly, biweekly or monthly", the IRS writes online. Employers should begin using the 2018 withholding tables as soon as possible, but not later than February 15, 2018.

Congressional Democrats are concerned that in making those changes, the IRS may have caved to pressure from the administration to deliver immediate tax savings to workers' paychecks while exposing taxpayers to higher tax bills in 2019. The IRS doesn't expect that to change much under the new tax law given the preference filers have shown for getting big refunds, rather than just breaking even or having to cut a new check to Uncle Sam when they file their returns.

The IRS also plans to release a new tax withholding calculator on its website late next month to help individual taxpayers determine the correct amount of withholding.

The IRS also said it was not yet ready to issue a new W-4 form.

This morning I've decided that the most important thing I can tell you about is a change to the tax table. The new tax law changed tax rates and eliminated personal exemptions, which had been the basis of withholding allowances. "With the child tax credit, like, 'Is it true that will increase?' Yes, it increases, but not with the 2017 tax year, for the 2018 tax year", said Curtis.

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A backup withholding rate of 24 percent applies to non-employee compensation when individuals fail to provide proper tax identification information, the IRS said. The IRS anticipates this calculator should be available by the end of February.

More than ever, employees have to examine their withholding to translate and match their expected tax liability in 2018, said Michael O'Toole, senior director of publications, education, and government relations with the American Payroll Association.

The tables lay out how much tax to withhold or not withhold from paychecks. Ron Wyden, the top Democrat on the Senate Finance Committee, said in a statement.

Wyden and Neal have asked the Government Accountability Office to investigate their concerns.

Currently, the IRS is revising that tool to reflect the most recent tax law changes.

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