- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
How will tax cuts show up in paychecks?
Posted on 12/20/17 at 9:20 am
Posted on 12/20/17 at 9:20 am
Do employees need to change withholdings or will it be automatically calculated by our payroll department? i read that employees will probably have to sign a new W-4 and these cuts will probably be effective in February payrolls.
3
Posted on 12/20/17 at 9:29 am to tigereye58
I've read the same. New w-4s should roll out around feb-march time frame, because the irs is slow.
Posted on 12/20/17 at 10:06 am to tigereye58
I would advise everyone to not make any changes to their W-4 until they plug in the numbers from last year's return on this tax calculator for the new law. Losing personal exemptions is a game changer for a lot of people. My family sure didn't get a tax cut. Using last year's income information, we will be paying $868.00 MORE in federal taxes under the new law. Here is one calculator. Run the numbers for yourself. You may get a nasty surprise. LINK
Posted on 12/20/17 at 11:11 am to BFIV
Looks like 3K less taxes owed for me and my wife. Great job Republicans!
Posted on 12/20/17 at 11:20 am to BFIV
If you leave your W-4 alone, you should see an increase in take home pay in February.
Posted on 12/20/17 at 11:42 am to LSUSUPERSTAR
Damn, I didn't know they took away personal exemptions. But the child tax credit and lower tax rate more than make up for it though. $3K less taxes owed for me.
Posted on 12/20/17 at 11:50 am to SUB
The bump in salary qualifications for the child credit just put 4k in my pocket before any additional tax relief.
Posted on 12/20/17 at 3:31 pm to barry
Based on this calculator I also will save $4k. I don't know how realistic this is b/c it seems high to me. But if it's true, then I'll be 
Posted on 12/20/17 at 3:38 pm to Hammond Tiger Fan
Most of the calculators I’ve seen online are flawed.
I base this off of different results from all of them.
Either one is right and all the others are wrong, or they are all wrong.
I base this off of different results from all of them.
Either one is right and all the others are wrong, or they are all wrong.
Posted on 12/20/17 at 6:01 pm to Skeezer
I’ve tested some of the calculators to see if they’re right with my information. All 3 of them were pretty wrong. NYT, CNN, and one other one that I can’t remember were the ones I tested
Posted on 12/20/17 at 10:07 pm to Weagle25
Yeah calculators show me with over 3k in tax savings. Actually based on my estimated income it will be at least 6k. If not more. Calculators are seriously flawed.
Posted on 12/20/17 at 11:23 pm to BFIV
Congrats on making a lot of money!
Cuts for everyone else though
Cuts for everyone else though
Posted on 12/21/17 at 7:47 am to TigerTatorTots
quote:
Congrats on making a lot of money!
Cuts for everyone else though
Ha! I wish I was making a lot of money! Hard to do that on a retiree's income. The new law removes personal exemption deductions. That sounds harmless, especially since the standard deduction was doubled, but...for MFJ with dependents or HH filers, those exemptions represent a sizable chunk of untaxed income. The child tax credit doesn't make up for it, either. If someone is single or MFJ without children, they will come out ahead with the doubling of the standard deduction. In other words, they will gain more untaxed income because the standard deduction will now be more than the previous sum of personal exemptions and standard deduction combined. The loss of the four personal exemptions increased our taxable income by $16,000+ which also meant we could no longer itemize to our best advantage. Sometimes you are the bug and sometimes you are the windshield. For years we have been the windshield. With the new law, we are now the bug.
Edited to add that I haven't seen all the provisions and these tax calculators online now are not all giving the same results. But there is no getting around the fact that for some folks, losing those personal exemptions is a game changer.
This post was edited on 12/21/17 at 7:51 am
Posted on 12/21/17 at 8:11 am to BFIV
quote:
Sometimes you are the bug and sometimes you are the windshield. For years we have been the windshield. With the new law, we are now the bug.
This is the point. Obviously every single filer isn't going to get. A cut. I understand and I probably would be mad too if I was the one losing here, but that doesn't mean it's a bad thing. You got the shaft on this deal, no one will argue with you there, but for every one of you there is 20 people that got a cut.
Posted on 12/21/17 at 8:12 am to BFIV
quote:
The child tax credit doesn't make up for it, either
It more than makes up for it for a lot of people.
The only way the credit isn't better than the lost exemption is if you're above the 24% marginal bracket. So $157k single, $315k MFJ.
Posted on 12/21/17 at 8:16 am to tigereye58
I haven't had time to review the entire tax plan. Will the write offs of travel expenses (mileage, lodging, dry cleaning, meals, etc.) change? I travel all over the state, this was a huge write off for me over the years.
Posted on 12/21/17 at 9:19 am to BFIV
What personal deductions did you lose?
Posted on 12/21/17 at 9:24 am to BACONisMEATcandy
I am happy that the personal exemptions are going away. The one that really ticks me off is the the mortgage interest deduction remaining on the books. Yes I benefit from it, but all it does is artificially inflate prices. We do not need the government subsidizing housing.
Posted on 12/21/17 at 9:37 am to LSUtoOmaha
I don’t disagree, I would rather see a flatter tax system with lower rates. However, I agree with the MID in the terms of we should in incentivize homeownership. 
Posted on 12/21/17 at 9:41 am to bstew3006
quote:
Will the write offs of travel expenses (mileage, lodging, dry cleaning, meals, etc.) change? I travel all over the state, this was a huge write off for me over the years.
I have read from news reports that some employee business expenses have been reduced/eliminated. I don't know which ones, though. Waiting on IRS guidance on this.
Page 1 of 2
Back to top
Follow TigerDroppings for LSU Football News