Check Your Paycheck Withholdings During Small Business Week
Tuesday, May 7th, 2019 -- 8:52 AM
(WRN) -It's Small Business Week, and the IRS is reminding people that the new tax laws mean new calculations for payroll taxes.It's Small Business Week, and the IRS is reminding people that the new tax laws mean new calculations for payroll taxes. Spokesman Christopher Miller says both employees and employers should be sitting down with their taxes and consult the IRS's withholding calculator.
"The withholding tables also changed, and that means that what's being taken out of their paycheck may have changed, and they need to be aware of that."
Miller says the special Paycheck Checkup tool on their website will help you and your employer better tailor your withholdings under the new laws.
"You enter some information about your situation, and it will help you understand whether the right amount for your particular situation is being withheld from your paycheck."
Miller says changes to the tax law means that the withholdings you might have been using over the last several years are insufficient.
"If they received a smaller refund than they expected this year, or perhaps even if they had a tax bill that was unexpected, this will allow them to adjust their withholding."
You can find the special Pay Check Check-Up page online at I R S dot Gov.
Feel free to contact us with questions and/or comments.