March 15, 2018

IRS Withholding Calculator Now Available

By Neath Folger

The Internal Revenue Service has recently launched a new income tax withholding calculator and encourage everyone to use  this to perform a quick “paycheck checkup.”  This is even more important this year because of recent changes to the tax law for 2018 from the "Tax Cuts and Jobs Act." The Calculator helps you identify your tax withholding to make sure you have the right amount of tax withheld from your paycheck at work.

There are several reasons to check your withholding:

  • Checking your withholding can help protect against having too little tax withheld and facing an unexpected tax bill or penalty at tax time next year.
  • At the same time, with the average refund topping $2,800, you may prefer to have less tax withheld up front and receive more in your paychecks.

You are encouraged to review your individual tax situation and make changes to your withholding elections as needed. For the link to the IRS, click HERE.

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