Paycheck Checkup - 2018 Federal tax changes
The Internal Revenue Service (IRS) is encouraging certain taxpayers to perform a “paycheck checkup” to protect against withholding too little tax during 2018 and therefore facing an unexpected tax bill and potential penalty in 2019. This is part of the ongoing implementation of the 2017 Tax Cuts and Jobs Act.
Taxpayers encouraged by the IRS to check their tax withholding include:
- Two-income families
- Those with two or more jobs at the same time or who only work for part of the year
- Those who claim child-related credits such as the Child Tax Credit
- Those who itemized deductions in 2017
An IRS Withholding Calculator is available for employees to perform the "paycheck checkup". Using information provided by the IRS calculator, university employees can change their Form W-4 Tax Withholding online through the EBS portal under ‘My Time & Payroll’.
Please Note: Payroll and Human Resources cannot provide tax advice to employees. For IRS calculator questions, please visit Withholding Calculator Frequently Asked Questions. For further taxpayer support, visit IRS.gov and/or a professional tax preparer.
