New tax withholding information for 2020…
The IRS has revised the W4 Federal Withholding Tax Exemption form. This is the form that designates how much tax is withheld on your paychecks.
Even if you do not make any updates to your W4 form, the changes the IRS is instituting as part of this new form's release may result in changes to how much is withheld for taxes in your paycheck beginning in January of 2020. The payroll department is required to follow these IRS rules for calculating withholding amounts.
Please note that no action is required of any employee because of this change. Changes to the W4 form can be made at any time during the year if the employee chooses.
If you are considering changes on your W4 for 2020, please visit the IRS website and/or talk with a tax expert. The WBSD payroll department is not able to advise you on how you want to claim your federal withholding.
Below is the link to the new W4 Form with Instructions and the IRS website to look at more information.
https://www.irs.gov/pub/irs-pdf/fw4.pdf
https://www.irs.gov/individuals/tax-withholding-estimator
Direct Deposit Changes
Any requests to change your desired direct deposit bank account before the end of the year must be received in the payroll office by Friday, December 13. Change requests received after that will not take effect until after January 1, 2020.
