The Internal Revenue Service has issued a revised set of tax-withholding
tables which has the potential to reward workers with higher wages in the
spring.
The tax tables are inclusive of the new Making Work Pay refundable tax
credit, according to
webcpa.com
Doug Shulman, commissioner of the IRS, said the the additional credit will
automatically start showing up in taxpayers’ paychecks in the spring.
‘Since employers and payroll companies will handle this change, people
typically won’t need to take any additional action. The IRS will continue
working to implement this and other provisions of the new law as quickly as
possible,’ he said in a statement.
Further Reading:
Report
highlights ‘murky’ tax gap in the US
Revenue
authorities clash over unpaid tax from transfer pricing