Following passage of federal tax reform legislation in December 2017, all employees are encouraged to review their tax withholding amounts to avoid having too much or too little taken from their paychecks based on the new rates and tax brackets.
The Internal Revenue Service (IRS) encourages all employees to check their withholding amounts, especially the following taxpayer groups:
• Two-income families
• Those with two or more jobs at the same time or who work only part of the year
• Those with children who claim credits such as the Child Tax Credit
• Those who itemized in 2017
• Those with high incomes and more complex tax returns
The IRS recently released an updated withholding calculator to help determine the proper withholding amount for 2018 to avoid unexpected over/under withholding when filing your tax return in 2019.
Income tax withholding amounts can be adjusted through the UT portal using the employee self-service tab or by completing a new W-4 form and submitting it to your local human resources/payroll office.
Questions about these changes can be directed to local campus or institute human resources/payroll offices or to the UT System Payroll Office at 865-974-5251. UT cannot provide tax advice but may be able to help with useful information.
Tags: Internal Revenue Service, Taxes