Updated W-4 and Tax Calculator Now Available

Following the major change in the country’s tax code, the Internal Revenue Service (IRS) recently released an updated W-4 form and an updated Withholding Calculator. Employers have 30 days to adopt the new form for new employees and for existing employees that would like to make a change. Current employees do not need to complete the new W-4 form unless they would like to update their withholding.

The IRS is also encouraging everyone to use the Witholding Calcuator to perform a quick “paycheck checkup”. The calculator helps you identify your tax withholding to make sure you have the right amount of tax withheld from your paycheck.

The IRS provides several reasons to check your withholding:

1. Protect against having too little tax withheld and facing an unexpected tax bill or penalty
2. Withhold less tax up front to receive more in your paychecks (average refunds are topping $2,800)

Check out the new Witholding Calculator today and contact your CPA or HR consultant with any questions or concerns.

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