Tuesday, 23 January, 2018

IRS releases new withholding tables

Hamiltons Sofa & Leather Celebrates 30 Years CQ-Roll Call,Inc
Glenn Montgomery | 12 January, 2018, 06:25

"The whole goal of the tax cut act was to put more money in companies so they could compete competitively with worldwide companies", Mnuchin told reporters at a White House press briefing. For a worker earning $60,000, which is roughly the national median income, the net savings would be $112 per month, or $1,344 per year.

Treasury Secretary Steven Mnuchin applauded Walmart Thursday for raising its starting hourly wage to $11 and giving bonuses to some employees, among other benefits, after the passage of new tax legislation.

The pickup in spending in the first quarter largely reflected increased outlays for the departments of defense and homeland security, partly due to hurricane relief, and on Social Security, the Congressional Budget Office said in a report this week. This will minimize burden on taxpayers and employers.

The doubling of the child tax credit, from $1,000 to $2,000, along with a higher phase-out level and a higher threshold for the refundable portion will translate to less tax withholding for workers with children.

The number of calls is likely to spike, if prior tax law changes are any indication, the report says.

Those changes will largely be driven by changes in tax rates, tax brackets, an increase in the standing deduction and the repeal of the personal exemption.

Implementing the most significant tax code changes in decades with tight resources will be no small feat. While the new bill included language preventing the prepayment of state and local income taxes, it failed to anticipate taxpayer efforts to prepay property taxes, so taxpayers, accountants and jurisdictions all over the country spent the last days of 2017 scrambling to determine if this prepayment will be allowed. Thus, they are unlikely to experience changes in their monthly income because of the tax bill. As was documented by the media coverage, the tax bill was written nearly entirely in secret and major changes were being made even on the day of the Senate vote on the bill.

"No one is making the IRS make these bad decisions", Olson wrote.

Administration officials insisted that the guidelines would withhold the correct amount of tax from wages but acknowledged that they are geared to out-of-date W-4 individual withholding forms.

The new tax law will not affect either the level of Social Security or 401 (k) payments and withdrawals or the taxation of those payments and withdrawals.

Although not flawless, the Tax Cuts and Jobs Act will have significant, positive effects on the economy. But officials predicted 90 percent of workers would see bigger paychecks while little would change for the remaining 10 percent. Honest Utahns and other Americans will pay the price in terms of poorer customer service and further cuts to federal programs, while those out to take advantage of the confusion through hacking and tax fraud will benefit from the gutting of an essential part of the American government.

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