Welcome! This page will cover current events and the latest happenings in the financial industry. As a highly accomplished financial executive, George Ammar finds time in his busy schedule to stay up to date with the news as there may be impending changes to his line of work. Read on for the most recent news:
Updated Withholding Tables for 2018
Important Notice from George Ammar: The latest income tax withholding tables have been released. The updated tables reflect the changes brought about by the tax reforms enacted last month. Visit IRS.gov to see the updated withholding information.
Employers are expected to use the new rates as soon as possible, or not later than February 15, 2018. With the new rates comes an increase in employees’ paychecks. Employees, however, will not see these changes until their employers implement the 2018 withholding tables. George Ammar adds that the changes will also depend on the employees’ pay period, whether they receive their wages weekly, biweekly, or monthly.
In line with the goal of improving the accuracy of withholding, the new withholding tables take away some of the burden employers and employees alike feel when claiming withholding allowances. This is because the tables work with Form W-4, the form employees already accomplish with their employers. Thus, with the tax reform legislation, they no longer have to do anything.
George Ammar welcomes the new withholding and other changes as they help reduce errors in payroll. For instance, one of the most common problems of payroll is committing over- or under-withholding. That said, this is expected to be less of an issue moving forward with the simpler tax calculations and the new tables.
By February, employees can start logging on to IRS.gov to try the IRS’ revised withholding tax calculator. This calculator should provide them the correct withholding, accounting for the changes in the new law such as higher child tax credits and repeal of dependent exemptions.
Visit again soon for more news.