The passage of the Tax Cut and Jobs Act in December, 2017 required changes to be made to the federal withholding tax tables. These changes were published in February, 2018 and affected employees' paychecks shortly thereafter. These changes generally benefited taxpayers by decreasing the amount of federal income tax withheld from each check, but in some situations employees' paychecks have too little tax withheld. This could result in a balance due on 2018 individual tax returns where a refund has been received in the past.
The Internal Revenue Service and American Institute of CPAs recommend that employees perform a "Paycheck Checkup" in order to make any adjustments necessary to their federal withholding in order to avoid owing money on their income tax returns. The IRS has provided a free calculator on their website to assist in making the proper calculations. If changes are needed be sure to submit a new Form W-4 to your employer.
Perform a "Paycheck Checkup!" Recent changes to the federal tax law made changes to your paycheck. Be sure that you have the proper amount of federal tax withheld in order to avoid a tax bill. Click here for details.
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