The IRS has released an updated tax withholding calculator on IRS.gov and issued a new Form W-4 Employee’s Withholding Allowance Certificate, which has the new calculation information included. Employees can use the online calculator to check their 2018 tax withholding following the passage of the TaxCuts and Jobs Act in December.
The IRS also posted new Withholding Calculator Frequently Asked Questions. The Tax Cuts and Jobs Act made changes to the tax law, including increasing the standard deduction, removing personal exemptions, increasing the child tax credit, limiting or discontinuing certain deductions, and changing the tax rates and income brackets.
If you determine that you would like to change your withholding allowance, you can do so by going to your myACU Banner link, then select Employee, Tax Forms, W-4 Employee’s Withholding Allowance Certificate, and then choose the Update link along the bottom of the screen.
Please be advised that ACU Human Resources cannot provide any tax advice. If you require additional assistance, please consult your tax professional.