Review your W-4 before it’s too late for 2018

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

Congress passed major tax legislation at the end of last year that could affect your refund if you are one of the people who usually look forward to a refund.

Questions:
1. According to the article, based on the new 2018 withholding tables, what percent of people have too much in taxes withheld?
2. What percentage of people have too little in taxes withheld?
3. Who did the study and why?
4. What effect might the new standard deductions have on your withheld amounts?

Source:
Singletary, M. (2018). Counting on a tax refund next year? Double-check your withholdings now. Washington Post, Aug. 2 (Retrievable online at https://www.washingtonpost.com/business/2018/08/02/counting-tax-refund-next-year-double-check-your-withholdings-now/?utm_term=.67987d806cf0)