Employers have until February 15th to update their employee tax withholding tables. New withholding tax tables were released recently as a result of changes made in tax cut legislation passed by Congress in December. Unless employees change their withholding, employees won't see any benefit that might come their way until they file a tax returns next year.
This would be a good time for employees to review the federal income tax paycheck withholding rate they selected on their W-4. Although the Treasury Department has released updated withholding tables it has not yet updated the W-4.
See the updated IRS withholding tables online and the the press release announcing the update.
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3 years ago
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