dartsndeacs
THE quintessential dwarf
The first year for this bill is 2019, no?
2018, so like a month from now
The first year for this bill is 2019, no?
2018, so like a month from now
Tomorrow is December and they still don't have a final bill. You think there is enough time to change withholding tables for 2018?
Witholding tables (in the past) are just personal exemptions, which are now gone. Its pretty easy math for ADP or whatnot to calculate what to withhold under the new plan, in fact it probably makes their lives much easier.
I find it hard to believe ADP just calculates withholding without input from the government. Do you have a link? This looks like more than personal exemptions:
https://www.irs.gov/pub/irs-pdf/p15.pdf
For the vast majority of companies, its very simple math. Perhaps there are certain industries or exceptions which make it complicated. I'm thinking perhaps for owners of pass-through companies as an example which may be more complicated.
But for the most part, the brackets change every year and ADP can handle it. This is just another bracket change for the majority of employees.
It's not about the complexity of the math, its about compliance and liability. I find it hard to believe companies just withhold without something to point to saying "we followed the rules." Also that the government would let them just withhold whatever they want.
Most all companies pay one or two companies $5-10/ per person/ per month to ensure compliance. Usually ADP or Paychex.
This is true for employee payroll tax.
Not true for corporate taxes and everything else.