Products June 6, 2003

How Much Will Your Paycheck Change?

June 6, 2003 (PLANSPONSOR.com) - A new online product from a Scottsdale, Arizona company will allow employees to see how their paycheck will be affected by the recently approved reduction in federal withholding taxes.
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According to a news release, Symmetry Software’s Web calculator at http://www.paycheckcity.com will help employees in any state to check:

  • what impact the tax changes will have on their paycheck
  • whether their employer has implemented the tax change
  • the accuracy of any withholding tax changes that have been made.

The Internal Revenue Service has already posted the new tables for employers to use in figuring how much federal income tax to withhold from workers’ wages under the new Jobs and Growth Tax Relief Reconciliation Act. The IRS expects to mail printed copies of Publication 15-T, containing all the tables, to employers nationwide by the third week of June. Employers are requested to use the new tables as soon as they can work them into their payroll systems, but barring unusual circumstances, they should implement them not later than July 1, 2003.

The IRS announcement is at http://www.irs.gov/newsroom/article/0,,id=109817,00.html and the tax tables are at http://www.irs.gov/pub/irs-pdf/n1036.pdf .

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