UPDATE – INCOME TAX WITHHOLDING FOR 2018
Employers have until February 15th to implement new withholding tables
Earlier this week, the IRS released Notice 1036 to update the income tax withholding tables for 2018. This notice reflects that changes made by the tax reform legislation signed into law on December 22, 2017.
Notice 1036 shows the new rates for employers to use during 2018. The withholding tables show how much tax to withhold from employee paychecks, given each employee’s wages, marital status, and the number of withholding allowances they claim. It is recommended that employers begin using the 2018 withholding tables as soon as possible, but no later than February 15, 2018.
Additionally, there is no need to have employees complete a new W-4 for 2018. The new withholding tables are intended to minimize the burden on taxpayers as much as possible and will work with the W-4 already on file for employees. For any new employees hired in 2018, employers can continue to use the 2017 Form W-4. The IRS is working on revising the W-4, but the new form is not anticipated until later this year. However, once the revised W-4 is released, the IRS recommends employees check their withholding status to determine if a new W-4 needs to be completed.
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