New Withholding Tax Tables Released By IRS
The Internal Revenue Service (IRS) on Jan. 11 released updated income-tax withholding tables for 2018 reflecting changes made by the Tax Cuts and Jobs Act (Public Law No: 115-97). Employers should begin using the 2018 withholding tables as soon as possible, but not later than Feb. 15, 2018.
New withholding tables published by the IRS reflect the increase in the standard deduction, repeal of personal exemptions and changes in tax rates and brackets. The tables are designed to work with Form W-4 that workers have already filed with their employers to claim withholding allowances.