IRS Sets Withholding Tables as GOP Pledges Paycheck Increase
- Companies have been awaiting details following tax overhaul
- Brady says 90 percent of taxpayers to see take-home pay boost
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The Internal Revenue Service released guidance for employers about how much tax they should withhold from workers’ paychecks in 2018 -- and said it would soon offer an online calculator employees can use to make sure the amounts are correct.
Companies have been awaiting details from the IRS, following the sweeping tax overhaul passed at the end of last month that changes tax rates and brackets, increases the standard deduction and repeals personal exemptions. Employers should begin using the new withholding tables as soon as possible, but not later than Feb. 15, according to the IRS notice issued Thursday.