IRS Releases New Withholding Tables

The Internal Revenue Service has released Notice 1036, which updates the income-tax withholding tables for 2018. The updated information shows the new rates for employers to use during 2018.

Employers should begin using the 2018 withholding tables as soon as possible and no later than Feb. 15. 

The changes to withholding mean that more than 90 percent of workers will see bigger paychecks. The Tax Policy Center estimates that about 80 percent of all filers will see a tax cut for 2018, while about 5 percent will see an increase. The rest will see no change.

This is the first in a series of updates from the IRS related to tax reform.

Find the tables at FarmEquip.org/form1036.

Source: Forbes