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New Tax Withholding Tables Mean Bigger Paychecks: GOP(1)

15 January, 2018, 00:38 | Author: Kristen Ingram
  • The IRS will release an online calculator by the end of February so taxpayers can ensure their paychecks are accurate

The new law provides steep tax cuts for corporations and wealthy Americans while offering more modest reductions for most low- and middle-income families and individuals. That means employees could start seeing the changes reflected in their paychecks next month, the IRS said.

While speaking to the Economic Club of Washington on Friday, Mnuchin said he wants to ensure "bad people can not use these currencies to do bad things".

The Thursday as it begins to adapt to changes in the tax law enacted last month.

US Treasury Secretary Steven Mnuchin said that regulators in his agency have formed a working group to focus on the risks presented by the increasing usage of bitcoin and other cryptocurrencies.

The tables lay out how much tax to withhold or not withhold from paychecks. And that results in a refund when they file their tax returns.

The agency said it is revising the Form W-4 and the online employee withholding calculator to reflect the new tax law, including changes in available itemized deductions, increases in the child tax credit, the new dependent credit, and the repeal of dependent exemptions.

Mnuchin said the U.S. authorities, including the Federal Reserve, were studying the advantages and disadvantages of issuing digital dollars instead of hard cash, but "the Fed and we don't think there's any need for that at this point".

Moving at the speed of a midterm election, the Trump Administration yesterday unveiled new withholding tables to be used by employers no later than February 15 2018.

Calling it "one of the funniest things I've possibly heard", Mr. Mnuchin said, "I think most people understand the concept of a charitable deduction that is voluntary, that goes to help people, is very different than the high cost of real estate taxes".

The top Democrats on the House Ways and Means and the Senate Finance committees have raised concerns about whether the new tables could lead to systematic underwithholding.

Individual taxpayers aren't required to make any changes to their Form W-4 right now.

Senior IRS and Treasury Department officials told reporters Thursday that they would be encouraging all Americans to proactively use a new IRS tax calculator in late February to help them determine whether their paychecks are accurate.

Notice 1036 also said that employers could withhold on supplemental wages of up to $1 million at a flat rate of 22 percent.

For example, there is a new $10,000 limit on the amount of state and local taxes a household can deduct from federal income.

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