Tax Code Impact on Paychecks in February
Employers and payroll services across the nation are expected to begin implementing the new tax code in February.
Yet there remains a great deal of confusion regarding the looming changes and how they will impact take-home pay for individuals across the country.
Making matters worse, the Internal Revenue Service has issued only a minimal amount of guidance to employers and payroll companies regarding the new code.
The general consensus among experts however, seems to be that the changes will be minimal for most average wage earners.
“The majority of Americans aren’t going to negatively be impacted. Unfortunately, there’s still very little information surrounding it,” explained Financial Analyst Jeff White, of New York City-based FitSmallBusiness.com. “At this point it’s been reported that most Americans will see very little change, likely a $5 to $20 increase per week.”