Economy

IRS Publishes 2018 Withholding Tables

IRS Publishes 2018 Withholding Tables

The Internal Revenue Service has released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. Employers will have until February 15 to incorporate the changes in their payroll systems.

Officials have given employers a deadline of February 15 to implement the new withholding tables resulting from the passage of the president's Tax Cuts and Jobs Act.

And roughly three-quarters of tax filers are overwithheld because they take too few allowances. Currently, 76 percent of Americans who file their taxes receive a tax refund.

Democrats are concerned the rushed withholding tables could leave many tax filers in a situation of potentially being underwithheld for tax year 2018 and therefore left owing money when they file their tax returns in early 2019.

IRS to start accepting tax returns in late January

The law lowers tax rates, which is the primary reason Americans will see bigger paychecks next month, but it also limits or scales back tax deductions, changes that might not be realized until Americans file their tax returns. Ron Wyden, the top Democrat on the Senate Finance Committee, said in a statement. But the IRS expects that many taxpayers will have to do so later this year, when the agency releases a revised version of the form. "The new year is off to an exciting start, and I look forward to many more great things to come". There are significant limitations on long-cherished deductions, such as the federal deduction for state income, property and sales taxes. There are also new limits on the mortgage interest deduction, and the child tax credit was expanded.

U.S. Rep Mike Johnson released a statement on January 11, the day the Treasury Department announced the news that likely will increase the amount of money a number of American workers take home each paycheck, starting as early as February. If they determine they are paying too much or too little in taxes, based on the size of their family or other variables, they can direct their employer to make changes.

"Such a calculator will ask for anonymous inputs - for example, your income, number of dependents and other pieces of information that help determine whether you might be eligible for various tax breaks", CNN Money noted.

These tax changes are all scheduled to expire after 2025, though Republicans have said they want to make them permanent.

"Dark Souls: Remastered" Revealed for Switch, PS4, Xbox One, and PC
It won't have the visual fidelity of the other platforms, but it does offer the option to play Dark Souls on a handheld. At long last, Nintendo will finally be getting in on the action with Dark Souls Remastered .


  • Over 100 CEOs urge Congress to protect Dreamers in open letter

    Over 100 CEOs urge Congress to protect Dreamers in open letter

    The outcome of the immigration debate will impact northern MI , including so called Dreamers who benefit from the DACA program. At the same time, Trump called on Congress to come up with a legislative solution by then to keep the program in place.
    Yuvraj, Gayle, Watson among 1122 registering for IPL

    Yuvraj, Gayle, Watson among 1122 registering for IPL

    England captain Joe Root , who was not a part of the previous editions, has registered himself for the player auction. Hashim Amla, Kagiso Rabada, Faf du Plessis and Morne Morkel are the few South Africans who are also part of the list.

    How Analysts Feel About Gentex Corporation (GNTX) After Reaching 52-Week High?

    ValuEngine upgraded shares of Gentex from a "hold" rating to a "buy" rating in a research note on Wednesday, December 27th. Farr Miller And Washington Ltd Co Dc holds 0.04% of its portfolio in Gentex Corporation (NASDAQ:GNTX) for 22,417 shares.
  • Analysts Are Gushing Over Chesapeake Energy Corporation (CHK), Dynavax Technologies Corporation (DVAX)

    Maximum and minimum EPS estimate for the current quarter is projected at $0.41 and $0.15, respectively, according to 21 analysts. Unusual volume can be a major signal that investment gurus and momentum traders are piling into a stock ahead of a catalyst.
    Three suspected militants shot dead in raid in Bangladesh

    Three suspected militants shot dead in raid in Bangladesh

    The operation was carried out in Tejgaon area following information that some of the suspects were staying in a rented apartment. Mufti Mahmud Khan, a spokesman for the RAB, explained that arms and explosives were seized after the clash.
    Anthony Duclair makes interesting 1st impression with Blackhawks

    Anthony Duclair makes interesting 1st impression with Blackhawks

    "I didn't have the leash that others had", Duclair said. "We had a tough situation in Arizona, couple years", Duclair said. Duclair said he's looking forward to playing meaningful games again. "I think he needed a new scene and a bit of a change".
  • Boat with 40 school students on board capsizes near Maharashtra's Dahanu

    Boat with 40 school students on board capsizes near Maharashtra's Dahanu

    Mumbai: In Dahanu near Mumbai a boat with 40 school children on board capsized, 2 nautical miles from the sea shore in Dahanu. The Indian Coast Guard has deployed ships to the site to conduct search and rescue operations.
    Independiente confirms Ezequiel Barco exit amid links to Atlanta United

    Independiente confirms Ezequiel Barco exit amid links to Atlanta United

    The deal is said to be the second largest in Independiente history after they sold Sergio Aguero to Atletico Madrid in 2006. You were formed in the club and you leave as a champion. "Everything ends, glory is eternal.
    Days After Humiliating Kulbhushan Jadhav's Family, Pakistan Releases His New Doctored Video

    Days After Humiliating Kulbhushan Jadhav's Family, Pakistan Releases His New Doctored Video

    India had slammed Pakistan following the tightly-controlled meeting , accusing Pakistan of harassing Mr Jadhav's mother and wife. Pakistan had then said that it had permitted the meeting as a humanitarian gesture on the birthday of Muhammad Ali Jinnah.
  • Dallas pastor Robert Jeffress defends Trump's "shithole countries" comments

    He ignored her, and she asked the same question again. "Haitians don't deserve such treatment", said Ambassador Paul Altidor. Meanwhile, the U.S. ambassador to Panama resigned yesterday, saying that he no longer felt able to serve Donald Trump.

    MiMedx Group, Inc. (MDXG) held by 35 SEC 13F Filers

    The stock of Carlisle Companies Incorporated (NYSE:CSL) earned "Buy" rating by BMO Capital Markets on Friday, September 22. Also, there are 0 buy, 0 sell and 1 strong sell ratings, collectively assigning a 2 average brokerage recommendation.
    MSU trustee, ex-football player Mitch Lyons charged with misdemeanor assault

    MSU trustee, ex-football player Mitch Lyons charged with misdemeanor assault

    Lyons, attended MSU on a football scholarship and went on to play in the NFL from 1993 to 1999. Lyons, 47, is a Republican from the Grand Rapids area in western MI .