This just in from Bruce Berkey, director of Payroll for UMMS … The new tax law enacted in the Federal Tax Cuts and Jobs Act will be effective with your January 26th paycheck. We wanted to make you aware of changes you can expect in your upcoming paycheck as a result.
- The new rates reflect an increase in the standard deduction, a repeal of personal exemptions and multiple changes in the tax rates/brackets, which were designed to work with existing W-4s that employees have on file.
- No action is required on your part. We will implement the new tax tables automatically.
- Employees will see the new calculations of their federal taxes starting with Pay Date of 1/26/2018.
- Due to the changes in the Federal Tax Cuts and Jobs Act, the Internal Revenue Service (IRS) is expected to update Form W-4, the Employee’s Withholding Allowance Certificate. As of this date, no new W-4 Form has been released to employers by the IRS. We will notify you when a new W-4 form is available and will post it to HR Connections.
If you have questions about how the Federal Tax Cuts and Jobs Act will impact your income taxes, you should consult your tax advisor. Should you have any questions regarding your pay, please submit a case through HR Connections.