Denver, CO,
22
January
2018
|
10:23 PM
America/Denver

Updates to income tax withholding tables

On January 11th, the Internal Revenue Service (IRS) updated the income tax withholding tables for 2018 as the result of the recently passed tax legislation. Employers use these tables to determine how much tax to withhold from an employee’s paycheck. The new tables reflect the increase in the standard deduction, repeal of personal exemptions and changes in tax rates and brackets.

DU will begin utilizing the new tables in our payroll system by mid-February. This means that employees who are paid monthly will see changes, if any, to their paychecks on March 1st. Employees paid bi-weekly will see changes, if any, in their February 23rd paychecks.

The IRS has instructed employers to use existing W4 withholding certificates and has noted that a revised withholding tax calculator and revised Form W4 will be issued by the end of February. DU is prepared for these changes and is monitoring carefully all updates provided by the IRS. For more information, please see the IRS website.

Contact Shared Services for general questions.