New Tax Withholding Tables
The Internal Revenue Service has released the updated tax withholding tables for 2018 to reflect changes for the Tax Cuts and Jobs Act. The new tax tables reflect the increase in the standard deduction, the repeal of personal exemptions and changes in tax rates and brackets.
The updated withholding information shows the new rates for employers to use for 2018. Employers should begin using the new withholding tables as soon as possible, but no later than February 15, 2018.
The IRS will be revising the withholding tax calculator on IRS.gov and expects that the calculator will be available by the end of February. They recommend that taxpayers use the calculator to adjust their withholding once it is released.
To view the new withholding tables, please use the following link:
If you have any other questions or concerns regarding the new withholding tables, please contact Brenda Fernandez or Sara Izaguirre at MHP, 307-634-2151.