New W-4 and Withholdings Calculator for 2018

The Internal Revenue Service released an updated Withholding Calculator and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December.

The IRS urges taxpayers to use these tools to make sure they have the right amount of tax taken out of their paychecks.

The Tax Cuts and Jobs Act made changes to the tax law, including increasing the standard deduction, removing personal exemptions, increasing the child tax credit, limiting or discontinuing certain deductions, and changing the tax rates and brackets.

This new form should be used going forward, however there is no need to have existing employees complete it unless they wish to make a change to their withholdings.

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