Saturday, December 23, 2017
Thursday, December 21, 2017
When Can You Expect To See New Tax Rates In Your Pay?
Workers can expect to see the new tax rates in their paychecks as soon as February, as payroll companies prepare to adjust withholding after Congress passed tax legislation on Wednesday.
Republicans stated Wednesday that people would start getting more money in their pockets in February, after the new withholding went into effect.
“That's going to be tremendous for people,” Trump said at a Cabinet meeting. “They're going to start seeing the results in February.”
“The average taxpayer in every income group is getting a tax cut,” House Speaker Paul Ryan, R-Wis., said on "Good Morning America." “So I think when people actually see that instead of getting tax increases, they’re getting a tax cut, when they see the withholding tables changing in February and seeing more money in their paychecks, when they’re seeing the economic growth that will result from historic tax reform, I think minds are going to change.”
H/T:The Washington Examiner
See How Much You Save With New Tax Plan
Tax Plan Calculator
By Maxim Lott
What the Trump tax plan means for YOU
Income: $
Enter your income.
Use "Adjusted Gross Income" (line 37 on form 1040.)
Note: Union dues and deductions for unreimbursed expenses by your employer no longer deductible. If you have those
deductions: Run calculator twice, both with & without them as income, to see impact
State:
Married?
Single parents are generally "Head of Household"
Do you currently itemize deductions?
If you enter "I don't know" it'll figure out for you if you should be itemizing itemizing now.
Only if yes: Site calculates state/local income and sales taxes automatically. Roughly what do you pay in property taxes? $ |
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Other itemizations (NOT counting state/local tax or business costs): $
Examples: Charity, medical, mortgage interest deduction.
Only enter things on Schedule A of your return.
Net business losses should be subtracted from the income field above
Children under age 17:
Other dependents:
"Other" includes 17 & 18 year-olds, dependent kids under 24 who are students, and disabled adults
Less common (most people should ignore): I want to enter my exact state/local income & sales tax deductions: $ |
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This will replace the calculator's estimate (methodology explained on FAQ page)
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