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Treasury watchdog finds no political pressure on tax analysis

Treasury watchdog finds no political pressure on tax analysis

Workers will see changes in their February paychecks once employers adopt the new guidance, the news release said. Employers will have until February 15 to incorporate the changes in their payroll systems.

"These new tables will help deliver the tax cuts as soon as possible to as many Americans as possible, with as little disruption as possible", Treasury Secretary Steven Mnuchin said at a White House briefing.

Individual taxpayers aren't required to make any changes right now.

The IRS is also working on revising the Form W-4. "Our objective is not to have taxpayers over-withheld, so they owe money at the end of the year", Mnuchin said Thursday during the news conference. The revisions are also aimed at avoiding over- and under-withholding of tax as much as possible. The effort will be created to help workers ensure that they are not having too much or too little withholding taken out of their pay.

Such a calculator will ask for anonymous inputs - for example, your income, number of dependents and other pieces of information that help determine whether you might be eligible for various tax breaks.

The calculator and new Form W-4 can be used by employees who wish to update their withholding in response to the new law or changes in their personal circumstances in 2018, and by workers starting a new job.

"We would encourage every taxpayer to run their information through the calculator".

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While speaking to the Economic Club of Washington on Friday, Mnuchin said he wants to ensure "bad people can not use these currencies to do bad things". And that results in a refund when they file their tax returns.

The W-4 is the form you filled out when you started your job in which you indicated the federal income tax you wanted withheld from your paycheck.

Too good to be true?

The Treasury Department released new withholding tables that ensure many Americans will see higher pay checks.

For people with simpler tax situations, the new tables are created to produce the correct amount of tax withholding.

The top Democrats on the House Ways and Means and the Senate Finance committees have raised concerns about whether the new tables could lead to systematic underwithholding. The new tables reflect the increase in the standard deduction, repeal of personal exemptions and changes in tax rates and brackets.

The GAO has said Wyden's request must go through its usual review process before a decision to proceed is made.


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