Payroll tax withholding

tax reformHe (Rep. Tom Reed) said in a conference call with reporters Tuesday he’s most focused on seeing a final bill get to President Trump’s desk by the end of the year. That, he said, would result in new withholding tables and/or rates that Reed said would show savings in pay stubs for many.–Steve Buchiere, Finger Lakes Times

Taxpayers can choose how much is withheld from their pay by filling out Form W-4.  Many choose to end the tax year with a refund rather than an outstanding liability. Having more or less withheld has no effect on how much is owed. If tax law changes do result in revised suggested withholding tables, taxpayers could enjoy more take home pay, but they also might face an unexpected bill for tax owed on April 15. Don’t be too quick to celebrate–many of us will owe not less but more.

Form W-4, Employee’s Withholding Allowance Certificate

Complete this form so that your employer can withhold the correct federal income tax from your pay. Consider completing a new Form W-4 each year and when your personal or financial situation changes.

https://www.irs.gov/forms-pubs/about-form-w4

Tom Reed claims workers who have payroll taxes deducted will see increased take home pay. Even when true, this is is deceptive.

  • Hourly and salaried employees may not benefit much if at all from proposed tax law changes.
  • Lower deductions won’t necessarily reflect how much is due at the end of the year.

Tom Reed is working hard to convince his constituents that proposed tax law changes, which mostly benefit corporations and wealthy individuals, also benefit them. His political advertising tries to make truth seem radical, extreme, and unruly. Voters should beware.

http://www.fltimes.com/business/reed-promises-more-in-paychecks-for/article_0c65aa94-74c3-5038-93bf-67e91f5f48f1.html

 

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About whungerford

* Contributor at NewNY23rd.com where we discuss the politics, economics, and events of the New New York 23rd Congressional District (Allegany, Cattaraugus, Chautauqua, Chemung, (Eastern) Ontario, Schuyler, Seneca, Steuben,Tioga, Tompkins, and Yates Counties) Please visit and comment on whatever strikes your fancy.
This entry was posted in 2018, Congress, Constituents, Political, Taxes and tagged , . Bookmark the permalink.

3 Responses to Payroll tax withholding

  1. Carol says:

    I already did the math, based on what is known about the tax scam bills, both versions. I will pay more due to losing the deductions, being single, and having no children.

    Liked by 1 person

  2. whungerford says:

    Whether I owe a little more or less is unimportant when compared with an anticipated loss of benefits, increased deficit spending, and increased disparity between rich and poor. Even if I save a little, my extended family may suffer.

    Like

  3. Rynstone says:

    At least you are not calling this failure of “Tax Reform” Bill President Trump’s Tax Plan. I wish President Trump would speak up and say this tax reform Bill is not from him and not sign it into law. Put the blame squarely on the big government big spending Republicans

    Liked by 1 person

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