HERE’S HOW TAXPAYERS WITH CHILDREN CAN CHECK THEIR TAX WITHHOLDING-(PAYCHECK CHECKUP)…

The Tax cuts and Jobs Act that was passed last year has many changes relating to child tax credit & personal exemptions that impacts your paycheck tax withholding.

Below are few useful tools offered by the Internal Revenue Service that taxpayers can use to check their monthly paycheck tax withholding.

Tax Withholding calculator : Check out this link to access the Internal Revenue Service paycheck withholding calculator.

Child Tax Credit Major changes that is impacting child tax credit starting 2018

1. The maximum child tax credit has increased from $1,000 to $2,000 in 2018.
2. The child tax credit phases out (reduces) from $400,000 for couples / $200,000 for Single .

 

Tax credit for dependents

There is a new $500 tax credit for other dependents. Qualifying individuals include elderly parent or a college student.

 

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