I OWE HOW MUCH !?!
The
federal income tax withholding tables have been revised to reflect the new
lower rates enacted by the GOP Tax Act.
I do
believe that the new rates are a bit too “liberal” and may reduce withholding too much in
order to provide a bigger paycheck and give the appearance of a bigger tax cut.
And,
with the elimination of the personal exemption deduction, previous withholding
allowances that may have been appropriate under the old law may no longer apply
to the new law.
If
you do nothing you may be surprised at tax time with either a smaller refund or
actual tax due.
It
is important to check your withholding now to make sure you are not surprised next
year.
You
can use the new “IRS Withholding Calculator” to do a “paycheck check-up”.
TTFN
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