IRS releases 2018 W-4 form and updated withholding calculator

The IRS released an updated Withholding Calculator.

The IRS encourages everyone to use the Withholding Calculator to perform a quick “paycheck checkup.”  This is even more important this year because of recent changes to the tax law for 2018.

They are encouraging taxpayers to check their withholding, especially:

– Families with two incomes.

– People who hold down two or more jobs during a year at the same time or only work for part of the year.

– People who claim credits such as the Child Tax Credit.

– People who itemized deductions in 2017.

– People with high incomes and more complex tax returns.

Employees wishing to change their withholding can do so via Employee Payroll Self Service or by submitting a 2018 Form W-4 to the Payroll Dept.