The Tax Cuts and Jobs Act changed the tax law by increasing the standard deduction, eliminating personal exemptions, increasing the child tax credit, limiting or discontinuing certain deductions, and changing the tax rates and brackets.

The IRS is encouraging employees to check their paychecks to make sure the correct amount of tax is being withheld.  A new IRS Withholding Calculator can be accessed here.  The withholding calculator will help employees complete a new Form W4.

 

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