When will the new 2018 tax tables help my paycheck?
The IRS has encouraged employers to start using the new withholding tables by February 15th. Journey Employer Solutions put these tables in ASAP, so if your employer uses Journey’s payroll services, your wait is over!
How and why is my paycheck changing?
The new tax reform lowered federal withholding tables, which are used to determine how much tax is withheld. The Internal Revenue Service updated the income tax-withholding tables for 2018, so all clients of Journey Employer Solutions are now seeing how this affects their paycheck.
Journey wants to remind everyone that the amount of money you take home after these tax changes will still vary depending on your state. As the federal withholding tables will lower your taxable responsibilities on the federal level, each state can dictate their own new withholding tables which will affect your bottom line.
Can Journey help me determine how my paycheck will change?
Yes! Always be aware that on Journey’s login page you will see “Financial Calculators” on the left-hand side of that page. Within those calculators that are many common calculators to help you professionally and in your personal life.
Click here to view all calculators and see how your net pay will change after this latest tax reform. If you would like to review the tax tables directly from the IRS, please click Click Here to identify how your paycheck will be taxed from the federal guidelines.
Can I update my W-4 with the 2018 W-4 version?
The IRS has not issued a new W-4 for 2018 and there’s no release date either. Please continue using the 2017 version, and Journey will ensure all clients receive the update via paperless onboarding and paper.