Tax Changes

Following the Tax Cuts and Jobs Act, which was passed last year, there are many changes to the tax law that could affect some taxpayers. Doing a checkup now will help make sure your current tax withholding is in line with your 2018 tax situation. 

The IRS Publication 5303 reminds employees to use the IRS’s withholding calculator to complete the Paycheck Checkup. Employees who use the withholding calculator can determine if they need to make changes to their withholding elections. Changes can be made in Paycom under the payroll tab under tax setup.  

Employees should keep in mind that the accuracy of the calculator’s results depend on the information they enter. The IRS suggests that employees have their most recent pay statement and 2017 federal income tax return on hand when using the calculator. As a reminder, you can view your W2s and pay stubs under the payroll tab in your employee Paycom login.

Taxpayers with more complex situations might find that using Publication 505 is a better option for figuring their withholding than using the Withholding Calculator.

If you have questions concerning your tax situation, please consult with your tax preparer.