The 2017 W2 withholding tables have been released, and they represent a major shift in how employers process payroll. With the recent changes to the tax code, companies now must pay more attention to the amount of taxes they withhold from employee wages. To make sure everyone is on the same page, the Internal Revenue Service (IRS) has released a set of tables that employers can reference to ensure they are meeting their payroll requirements.
For many employers, understanding the details of the new W2 withholding tables can be overwhelming. But it doesn't have to be. By breaking down the information into simple terms, employers can easily understand what they need to do to comply with the new regulations. In this article, we'll discuss the basics of the 2017 W2 withholding tables and how employers can use them to make sure their payroll activities are up to date.
The 2017 W2 withholding tables are designed to help employers calculate the correct amount of federal income tax to withhold from employees' wages. The tables outline various rates that should be used depending on the employee's filing status, number of dependents, and other factors. Employers will use these tables to determine the total amount of taxes to withhold from an employee's wages for the year.
The IRS also provides instructions on how to use the W2 withholding tables to calculate withholding amounts. Employers should read through the instructions carefully and make sure they are following all steps correctly. It's also important to note that the tables are subject to change, so employers should keep a close eye on any updates that may be released by the IRS during the year.
In addition to the W2 withholding tables, the IRS also offers a worksheet to help employers understand how much they should be withholding from each employee's wages. The worksheet provides detailed instructions on how to complete the calculations and ensures employers are withholding the proper amount. Employers should take the time to review the worksheet to ensure they are withholding the correct amount of taxes from each employee's wages.
By using the 2017 W2 withholding tables and the accompanying worksheet, employers can make sure they are withholding the correct amount of taxes from their employees' wages. Taking the time to understand the new regulations and following the instructions provided by the IRS can help employers avoid any penalties or errors in their payroll activities.
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