Just became available today. Grab your last paystub and have fun.
https://www.irs.gov/individuals/irs-withholding-calculator
DH and I each saw a roughly $50 increase per paycheck. According to this calculator, we will owe $3500 for 2018 unless we increase our withholding. Some tax cut.
Thanks for posting this. I have been waiting for this for one of my classes and for one of my kids!
I used this just guessing at my daughter’s wages for this summer and her workstudy from this spring. It asked if I’d like to used the standard deduction of $6350.
I thought the standard deduction for 2018, single, would be $12k.
I don’t think this calculator is correct.
It’s from the IRS website. I had a choice of $24,000 standard deduction or itemizing, so that was right. I just tried it selecting single person and saw $12,000 standard deduction.
The standard deduction is in fact doubling BUT the individual exemption is disappearing. So the overall gain is not what one would expect.
Yeah, we’re up about $4,000. Tax cut b.s. is right!
Ugh! Not pretty being in a high tax state.
I tried it again answering ‘can someone else claim you’ as ‘no’ instead of ‘yes’ as I had done the first time, and it gave me the $12000 for a single.
If this is correct this is bad news for students and their scholarship income. In discussions from the fall, there were several of us who thought the dependents would get the $12000 standard deductions for singles. That doesn’t appear to be the case. This will really hurt my daughter who will probably make over $6k this summer because minimum wage went up in our state, and she’ll have the same job as last year but be starting almost a month earlier (and no week off for wisdom teeth removal). It will also hurt my other daughter who will have scholarship income to report, but also have real income as she’s graduating this May.
I’m not thrilled either. My take home retirement check went up $100 a month. BUT my taxes will eat most of that up next April.
Guess I need to amend my W4 again…so that they will take an extra $100 out per month.
$5400.
Going to be a lot of angry people when they go to do their 2018 taxes. Many won’t even think of figuring it out now as they are still basking in the glow of their $40 a month tax cut.
Meanwhile, stock buy backs are on a record pace. https://www.nytimes.com/2018/02/26/business/tax-cuts-share-buybacks-corporate.html?rref=collection%2Fsectioncollection%2Fbusiness&action=click&contentCollection=business®ion=stream&module=stream_unit&version=latest&contentPlacement=57&pgtype=sectionfront
I am single and claimed my D in 2017 and received a 2017 refund of $2200. My paycheck had an increase of $200. When I ran the calculator as single with zero dependents for 2018 (D will claim herself), it calculated an over payment of $2500. 