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Payroll Checkup: Workers Should Double Check Tax Withholding

Source: cpapracticeadvisor.com/news/12412578/payroll-checkup-workers-should-double-check-tax-withholding - May 16, 2018

Americans who work seasonal jobs or are employed part of the year need to perform a "paycheck checkup." This is even more important this year, with the recent changes to tax law, that will affect most U.S. workers' tax obligations.

A good place to start is the online IRS Withholding Calculator.

The Tax Cuts and Jobs Act made changes to the tax law, including increasing the standard deduction, eliminating personal exemptions, increasing the child tax credit, limiting or discontinuing certain deductions and changing the tax rates and brackets. These changes do not affect 2017 tax returns due earlier this year, but they will affect 2018 tax returns filed next year.

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Category: General Business