Slippery Rock University faculty, staff and student employees will see a little more green when they receive their Feb. 16 paychecks, courtesy of the new federal tax law passed in December.
Wage earners across the board will see the effect of the new federal tax withholding rates and receive retroactive adjusted payments to capture the new rates for wages paid since Jan. 11. That means the redistribution of more than $150,000 – in one form or another – to SRU employees, said Marjorie Riddle, SRU payroll manager.
According to the IRS, the new law makes a number of changes for 2018 that affect individual taxpayers. The new tax tables reflect the increase in the standard deduction, repeal of personal exemptions and changes in tax rates and brackets.
To help people determine if an adjustment is needed to their withholding, the IRS is revising the withholding tax calculator on http://www.IRS.gov. The IRS anticipates the calculator should be available by the end of February. Taxpayers are encouraged to use the calculator to adjust their withholding once it is released.
“The best place to go, if you’re worried about anything or simply want additional information, is straight to the IRS website, which has updated information about the new withholding tables as well as a frequently asked questions page, which is a great resource,” said Riddell.
Riddell reminds University employees that while no action is required on their part as part of the new tax law, it’s a good idea to review your withholding to make sure it is accurate. The University’s Payroll Office is available to answer any questions employees may have, however they cannot provide tax advice.