President Trump signed The Tax Jobs and Cuts Act of 2017 into law on December 22, 2017 necessitating revised payroll tax withholding tables. The new tax act changes the tax rates, as well as the taxable income brackets.
IRS has updated its tax withholding tables to reflect the new law. Employers are instructed to use the 2018 withholding tables as son as possible, but in any case, no later than February 15, 2018.
For taxpayers who are paid weekly, bi-weekly or semi-monthly, here’s what the new tables look like:
The material presented here is educational in nature and is not intended to be, nor should be relied upon, as legal or financial advice. Please consult with an attorney or financial professional for advice.