HR PEO Blog
Friday, 26 January 2018 14:19

Changes to Federal Tax Withholding for 2018

The IRS recently released updates to the income-tax withholding tables for 2018. This change updates the 2018 tax tables in accordance with the tax reform legislation enacted at the end of the year (HR1). Employers should update their tables as soon as possible, but at least by February 15th.

The IRS states that the new law “makes a number of changes for 2018 that affect individual taxpayers. The new tables reflect the increase in the standard deduction, repeal of personal exemptions and changes in tax rates and brackets.” The IRS is also working on revising the withholding tax calculator on their website to assist individuals in determining their withholding on the form W-4.

As a result of the table change, employees should generally see an increase in their take home pay. We have already seen increases to take home pay ranging from 1.5% to 2.5%. As a reminder, now might be a good time to increase your contribution to your 401k retirement plan. Adding an additional 1% to your retirement plan will likely result in a slight increase to your take home pay and an increase to your retirement account, resulting in a “win-win” scenario.

Additional information regarding the updated withholding tables can be found here: https://www.irs.gov/newsroom/updated-2018-withholding-tables-now-available-taxpayers-could-see-paycheck-changes-by-february
Published in IRS
Monday, 08 December 2014 17:00

W-2 Houskeeping

2015 is upon us and it is that time of year that StaffScapes will be sending out W-2s to employees.  Did you work for StaffScapes Inc. or a client of StaffScapes, Inc. in 2014?  If so you will have a W-2 coming to you by the end of January 2015.  Please make sure that you call us at 303-466-7864 to make any changes in address in order to avoid delays in the delivery of your W-2.  We will not be doing any reprints of W-2’s until after 2/15/15 in order to give the postal service enough time to deliver all of them.   

If you have any questions about your W-2 please call StaffScapes for more information.

 

Published in W-2

The “Making Work Pay" provision of the stimulus package will reduce income tax withholding for majority of employees.

The IRS has just released the changes to the income tax withholding tables used to calculate employees’ tax withholdings from their pay checks. The change comes from the $400 to $800 refundable tax credit provided under the stimulus package. This tax credit will be provided to employees through out 2009 and 2010 by changing the tax withholding from their normal paychecks. This credit is for employees making less than $75,000 individually or $150,000 for married couples. A new W-4 form is not needed to claim this tax change.  StaffScapes  recommends that employees with multiple jobs or couples that combined put them in higher tax brackets should contact their tax advisor to verify and/or revise their W-4.

The IRS has made it clear that the new tax withholding tables are to be used as soon as possible, but at the latest by April 1, 2009.  As of Monday, March 2, 2009, StaffScapes’ employees will have the advantage of having their checks processed using the new tax tables, resulting in more “take home” pay for most employees.  Additional information about the stimulus package, including the “Making Work Pay” provision, can be found on the IRS website at: http://www.irs.gov/newsroom/article/0,,id=204335,00.html?portlet=6.