IRS rolls out new tax tables for bigger paychecks

IRS rolls out new tax tables for bigger paychecks

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

Businesses across the country must adopt the changes by February 15.

U.S. Department of Treasury Secretary Steven Mnuchin on Thursday called efforts by states such as California, New York and New Jersey to limit the scaling back of state and local tax deductions "ridiculous".

The major changes affecting individuals include new tax brackets, (mostly) lower income tax rates, a near-doubling of the standard deduction and the elimination of both personal exemptions as well as many itemized deductions. "Taxpayers can not make these changes until the revised Form W-4 is published, which the IRS has announced will be forthcoming in the coming months".

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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 revisions are also aimed at avoiding over- and under-withholding of tax as much as possible.

The calculator and new Form W-4 can be used by employees who wish to update their withholding in response to the new law or changes in their personal circumstances in 2018, and by workers starting a new job.

The new withholding tables take into account a variety of changes brought about by the passage of the GOP's revamped tax code. Taxpayers are encouraged to use the calculator to adjust their withholding once it is released.

"We want to make sure that bad people can not use these currencies to do bad things", Mnuchin said.

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The government said that workers will not have to fill out new W-4 forms to take advantage of the changes this year.

"Republicans are using brute force and speed to implement a law that will deliver a financial blow to hardworking Americans all across the country", Sen. "We've constructed the tables so that most people should be accurately withheld if they leave their W-4 in place", an IRS official noted on Friday. Ron Wyden, the top Democrat on the Senate Finance Committee, said in a statement.

"I look forward to GAO's independent review of these tables, which will expose whether the Trump administration is tampering with Americans' paychecks, resulting in a whopping tax bill next year", Wyden said. The tables reflect the rate changes made in the tax cut legislation passed by Congress in December.

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