2018 New Federal Tax Calculations.......

Everyone;

The IRS is “working” to develop guidance to implement the tax reform bill signed into law on December 22, 2017 (see the official statement below).  The IRS is “anticipating ” releasing that guidance in January and the IRS will be “encouraging” Payroll Service Bureaus to implement the changes in February.  The IRS said that the existing W4’s already filed do not need to be re-filed. 

UBCC has the New Federal tax calculations ready for your use (based  on non-IRS sources) for anyone who wants to use them immediately. Please let us know if you want them.

As soon as they The IRS publishes the official 2018 rules, UBCC will make any changes as soon as possible. Note too that exclusively at the discretion of the IRS, the 2017 rules may be continued for 2018.”

There are now four federal tax Status for 2018………

  • S    Single  ($12,000) Standard Deduction
  • M   Married ($24,000) Standard Deduction
  • H    Head of Household (18,000) Standard Deduction
  • MS  Married filing Separate ($12,000) Standard Deduction

There are no longer any personal Exemptions (Standard Allowances).  A person that ended 2017 as Married with 3 FWH Exemptions will have the same Federal Tax calculated as a person that was Married with 1 Exemption.

There should be a new W4 coming that is not yet available, and no release date or even a draft that I could find.  How else would anyone select to be Head of Household or Married filing Separate?

Outside of changing a person’s Tax Status there will need to be a additional method or two on the W4 to have more tax taken out or less tax taken out.

UBCC already supports:
  • fixed amount FWH add-on/subtract from FIT
  • FWH percentage
  • zero tax (using 99 Exemptions) all of which will still work in 2018.

Please let us know if you want to get the new tables early and/or have any questions  or suggestions.

Official IRS Statement……..

December 26, 2017
The IRS is working to develop withholding guidance to implement the tax reform bill signed into law on December 22.  We anticipate issuing the initial withholding guidance in January, and employers and payroll service providers will be encouraged to implement the changes in February. The IRS emphasizes this information will be designed to work with the existing Forms W-4 that employees have already filed, and no further action by taxpayers is needed at this time.

Use of the new 2018 withholding guidelines will allow taxpayers to begin seeing the changes in their paychecks as early as February.  In the meantime, employers and payroll service providers should continue to use the existing 2017 withholding tables and systems. https://www.irs.gov/newsroom/irs-statement-withholding-for-2018

Thanks,

Ken

Ken Garen
President
UBCC   Universal Business Computing Company
www.ubcc.com
800-762-8222


Comments

Post a Comment

Popular posts from this blog

BMW traps alleged thief by remotely locking him in car

BMW traps alleged thief by remotely locking him in car Stealer's Wheel? Seattle police department quotes "Watchmen" movie in a recap of the recent arrest. Tech Culture by Gael Fashingbauer Cooper December 4, 2016 5:00 PM PST It's maybe the most satisfying arrest we can imagine. Seattle police caught an alleged car thief by enlisting the help of car maker BMW to both track and then remotely lock the luckless criminal in the very car he was trying to steal. Jonah Spangenthal-Lee, deputy director of communications for the Seattle Police Department, posted a witty summary of the event on the SPD's blog on Wednesday. Turns out if you're inside a stolen car, it's perhaps not the best time to take a nap. "A car thief awoke from a sound slumber Sunday morning (Nov. 27) to find he had been remotely locked inside a stolen BMW, just as Seattle police officers were bearing down on him," Spangenthal-Lee wrote. The suspect found a ke...
Read more

Report: World’s 1st remote brain surgery via 5G network performed in China

World’s 1st remote brain surgery via 5G network performed in China Published time: 17 Mar, 2019 13:12 ·           A Chinese surgeon has performed the world’s first remote brain surgery using 5G technology, with the patient 3,000km away from the operating doctor. Dr. Ling Zhipei remotely implanted a neurostimulator into his patient’s brain on Saturday, Chinese state-run media  reports . The surgeon manipulated the instruments in the Beijing-based PLAGH hospital from a clinic subsidiary on the southern Hainan island, located 3,000km away. The surgery is said to have lasted three hours and ended successfully. The patient, suffering from Parkinson’s disease, is said to be feeling well after the pioneering operation. The doctor used a computer connected to the next-generation 5G network developed by Chinese tech giant Huawei. The new device enabled a near real-time connection, according to Dr. Ling.  “You barely feel that th...
Read more

New ATM's: withdraw money with veins in your finger

New cash machines: withdraw money with veins in your finger Cash machine technology that reads the pattern of finger veins is already available in Japan and Poland   By Telegraph Reporters 6:59PM BST 15 May 2014 Cash machines could soon be installed with devices that identify customers by reading the veins in their fingers. The technology is already being rolled out in Poland, where 1,730 cash machines will this year be installed with readers, negating the need for a debit card and Pin. Developed by Hitachi, the Japanese electronics firm, the machines read the patterns of the veins just below the surface of the skin on your finger using infra-red sensors. The light is partially absorbed by haemoglobin in the veins to capture a unique finger vein pattern profile, which is matched to a profile. The technology is used by Japanese banks and also in Turkey, offering “groundbreaking levels of accuracy and speed of authentication”, Hitachi said, which in t...
Read more