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PaycheckCity releases tax reform calculator and interactive graph to demonstrate the impact of the Tax Cuts & Jobs Act on 2018 paychecks.
Scottsdale, AZ. - January 15, 2018 - PaycheckCity, the paycheck calculator website serving nearly 10 million users each year, has released two tools to show how worker’s net pay will change from 2017 to 2018 under the Tax Cuts & Jobs Act. The first tool is a calculator that, based on user input, will show a side-by-side comparison of your 2017 and 2018 paychecks, including exactly how much your net pay will increase or decrease. The second tool is an interactive graph that demonstrates the difference between 2017 and 2018 federal tax for a range of annual salaries, filing statuses, and allowances.
The Tax Cuts & Jobs Act is a bill that amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. Also known as the Trump Tax Cuts and the GOP Tax Reform, the bill will impact the tax liability of every single one of the 154 million wage earners in America. On January 11, 2018, the IRS released the new2018 income tax withholding tables, which reflect changes made by the tax reform legislation. The IRS is urging employers to start using the new tax rates as soon as possible, but no later than February 15, 2018.
For American workers, this means that their 2018 paychecks may continue to look the same as their 2017 paychecks until mid-February. In the meantime, PaycheckCity’s Tax Reform Calculator and Tax Reform Graph can show workers exactly what their 2018 take-home pay will be and how much their taxes will change.
“When the government implements tax changes as we’ve seen in the Tax Cuts & Jobs Act, workers are eager to understand what it means for their personal situation and paycheck,” said Elizabeth Oviedo, chief strategy officer for Symmetry Software, owner of PaycheckCity. “We are excited to use our expertise in payroll taxes to hopefully ease the stress that comes from not knowing what your take-home pay will be in 2018.”
While many online publications have created calculators to show the general impact of the tax reform, PaycheckCity’s Tax Reform Calculator is the first to offer detailed paycheck scenarios. Users will be able to see the difference in their federal, state, and often local taxes from 2017 to 2018 based on their specific scenarios.
Here’s how the Tax Reform Calculator works: First, select your state of residence, then enter your gross pay and whether your gross pay is annually or per period. After that, enter your pay frequency, or how often you get paid. Federal Filing Status is next, followed by the number of allowances and any additional federal withholding. This information is found on your Form W-4. Complete the state and local information section next. Lastly, add any deductions that are in your paycheck and their tax treatment. Finally, click calculate to see side-by-side results of your 2017 paycheck and 2018 paycheck along with a statement of how much your take-home pay will increase or decrease in 2018.
Here’s how the Tax Reform Graph works: To see the change in the amount of federal tax that will come out of your paycheck in 2018, select the filing status from your Form W-4 (single or married) and the number of federal allowances you claim. Hover your mouse over the bar that corresponds to your approximate income level. Check the summary bar above the graph to see the impact the tax reform deal has on your federal taxes for the new year.
Oviedo offers the following advice on using PaycheckCity’s tools:
See exactly what your take-home pay will be in 2018 with our Tax Reform Calculator and Tax Reform Graph.
About PaycheckCityPaycheckCity has been the go-to paycheck calculator for tens of millions of Americans since 1998. Powered by the Symmetry Tax Engine, PaycheckCity provides free, accurate paycheck calculations to individuals, small businesses, and payroll professionals. Today, the website handles 45 million calculations for 9.7 million users each year. PaycheckCity’s paid offering PaycheckCity Payroll launched on January 1, 2018, and offers a number of additional features.
Media Contact marketing@symmetry.com
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