[bioundgrd] Fwd: Impact of New Tax Law on Paychecks - IRS Releases 2018 W-4 Form and Tax Withholding Calculator

[Rebecca L Chamberlain]

FYI.


From: Chris Durham <cfdurham at mit.edu<mailto:cfdurham at mit.edu>>
Subject: [AOs] [Ao-fo] [Hrpayroll_communications] Impact of New Tax Law on Paychecks - IRS Releases 2018 W-4 Form and Tax Withholding Calculator
Date: March 5, 2018 at 4:00:27 PM EST
To: hrpayroll_communications <hrpayroll_communications at mit.edu<mailto:hrpayroll_communications at mit.edu>>

Good afternoon MIT administrative community,

The Internal Revenue Service (IRS) has released the 2018 W-4 form<https://www.irs.gov/pub/irs-pdf/fw4.pdf> and Tax Withholding Calculator<https://www.irs.gov/individuals/irs-withholding-calculator> based on the new tax law.

MIT employees and students can use these tools to help ensure the accuracy of federal tax withholding from paychecks. Please see this article on the VPF website<http://vpf.mit.edu/irs-releases-2018-form-w-4-and-tax-withholding-calculator-based-on-new-tax-law> for MIT-specific details on updating federal tax withholding or visit the IRS website<https://www.irs.gov/newsroom/updated-withholding-calculator-form-w-4-released-calculator-helps-taxpayers-review-withholding-following-new-tax-law> to learn more.

A link to the VPF news article is now on the Atlas homepage.

Please share this information within your department. If you or your staff have questions, please contact payroll at mit.edu<mailto:payroll at mit.edu>.

Chris Durham | Assistant Director HR/Payroll & Merchant Services
MIT | Office of the Vice President for Finance
77 Massachusetts Avenue | Cambridge, MA 02139 | Bldg. NE 49-4097
617-324-1137 | cfdurham at mit.edu<mailto:cfdurham at mit.edu>
♻ Please consider the environment before printing this email.

From: Chris Durham
Sent: Friday, January 26, 2018 11:51 AM
To: hrpayroll_communications <hrpayroll_communications at mit.edu<mailto:hrpayroll_communications at mit.edu>>
Cc: hrpscstaff at mit.edu<mailto:hrpscstaff at mit.edu>
Subject: Impact of New Tax Law on Paychecks

Good morning,

In early January, the Internal Revenue Service (IRS) released updated income tax withholding tables for 2018 based on the new tax reform law. These tables are used by employers to determine how much federal income tax to withhold from employees’ paychecks.

The updated tables will result in changes to the amount of federal income taxes withheld from your paycheck. For MIT’s monthly-paid employees, the change will first take effect in the January 31, 2018, paycheck; for MIT’s weekly-paid employees, the change will first take effect in the February 2, 2018, paycheck.

The IRS has indicated that the 2018 withholding table will work with employees’ existing W-4 tax withholding form. The IRS has not yet released the 2018 W-4 tax withholding election form and IRS online tax withholding calculator, though both are expected in late February. Once the 2018 W-4 tax withholding election information is available, the IRS advises all taxpayers to review their tax withholding elections to determine if they need to adjust their withholding elections by updating the W-4 form on file with their employer.

All MIT employees can adjust tax withholding elections online via Atlas. (Go to Atlas<http://atlas.mit.edu/>, About Me and choose Tax Withholding from the menu on the left.)

You can learn more about tax withholding and the new tax law by reviewing the IRS website FAQ<https://www.irs.gov/newsroom/irs-withholding-tables-frequently-asked-questions>.

We will be posting information about these changes on Atlas<http://atlas.mit.edu/> and the VPF website<http://vpf.mit.edu/>.

Please feel free to forward this information to employees in your area. If you or your staff have questions please contact payroll at mit.edu<mailto:payroll at mit.edu>.


Chris Durham | Assistant Director HR/Payroll & Merchant Services
MIT | Office of the Vice President for Finance
77 Massachusetts Avenue | Cambridge, MA 02139 | Bldg. NE 49-4097
617-324-1137 | cfdurham at mit.edu<mailto:cfdurham at mit.edu>
♻ Please consider the environment before printing this email.

This email message, including any attachments, is intended only for the use of the intended recipient(s) and may contain information that is privileged, confidential, and prohibited from unauthorized disclosure under applicable law. If you are not the intended recipient of this message, any dissemination, distribution, or copying of this message is strictly prohibited. If you received this message in error, please notify the sender by reply email and destroy all copies of the original message.

_______________________________________________
Hrpayroll_communications mailing list
Hrpayroll_communications at mit.edu<mailto:Hrpayroll_communications at mit.edu>
http://mailman.mit.edu/mailman/listinfo/hrpayroll_communications
_______________________________________________
Ao-fo mailing list
Ao-fo at mit.edu<mailto:Ao-fo at mit.edu>
http://mailman.mit.edu/mailman/listinfo/ao-fo
_______________________________________________
aos mailing list
aos at mit.edu<mailto:aos at mit.edu>
http://mailman.mit.edu/mailman/listinfo/aos

-------------- next part --------------
An HTML attachment was scrubbed...
URL: http://mailman.mit.edu/pipermail/bioundgrd/attachments/20180312/78c5562f/attachment-0001.html