Here’s the reason you need to check your pay stub

Advisors


When pay day rolls around, be sure to take a close look at your pay stub. This could make the difference between owing the Internal Revenue Service in 2019 or snagging a refund.

The IRS kicked off its “Check Your Paycheck” campaign on Monday, asking taxpayers to take a peek at their pay stubs and ensure that they’re withholding the right amount from their pay.

It’s a good practice to review the amount of taxes withheld from your pay, but it’s especially important this year in light of the Tax Cuts and Jobs Act.

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The new law slashed individual income tax rates by 1 percent to 3 percent, doubled standard deductions and eliminated personal exemptions.

The tax overhaul has also led the IRS to change its income tax withholding tables, which employers and payroll companies use as guidance on how much they ought to deduct from workers’ pay.

To help you better determine how much income tax you ought to withhold from your wages, the IRS launched a new withholding calculator and a new Form W-4.

Here’s how you can ensure that you’re paying the right amount of taxes in 2018.



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