Here’s the new 2018 W-4 form released by the IRS, and help for filing it.
After the passage of the historic Tax Cuts and Jobs Act in December 2017, we knew it was coming. And now the Internal Revenue Service (IRS) has finally made the revised 2018 W-4 form available. Let the filing begin!
Our reliable old friend, Form W-4 (aka “Employee’s Withholding Allowance Certificate”), is the form people complete to let their employers know how much money to withhold from paychecks for federal tax purposes. How employees fill it out can determine if they owe or are owed money from the government after federal income taxes are filed. To help employers and employees calculate how much federal tax to withhold from paychecks under the new tax codes, a downloadable PDF version of the 2018 Form W-4 is available here.
Since this year’s federal tax code is drastically different than previous years, we want to provide you with some additional resources to help you and your employees wade through the new federal tax rules. Here are some helpful links:
- The IRS has an updated tax withholding calculator, as well as a withholding calculator FAQ list.
- The Society for Human Resources Management (SHRM) has posted new advice on how to alert employees to check their tax withholding status. Some employees with more complicated financial situations might need to revise how they normally file W-4 forms to make sure they have the right withholding amount.
- According to a survey by NerdWallet.com, about one in four Americans (26%) don’t know that a new tax bill was signed into law last December, and about half (51%) don’t know that income tax brackets are changing under these new rules. According to this study, your employees may not be fully aware of how the new tax laws will affect them, or what they need to do about filing new W-4 forms. Check out their 2018 Tax Study Report, especially their tips at the end.
Make HR work for you and improve your bottom line.
Tax code changes, compliance, benefits administration, payroll management, employee retention, recruiting programs — now more than ever, HR encompasses so much of what makes your organization run smoothly, successfully and efficiently. Small- to mid-sized organizations understand how strong HR forms the backbone to any healthy enterprise, and that outsourcing these critical functions can allow employers to focus on running their businesses without distraction.
myHR Partner provides support as you scale, and we’re here to deliver the expertise and capacity you need to make sure your HR operations contribute to your organization’s success, rather than hamper it.