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By Michael Baer
The 2018 Publication 505, Tax Withholding and Estimated Tax, was revised April 16 by the Internal Revenue Service to include a key step missing from an earlier version so that individuals could successfully calculate their estimated taxes for withholding purposes.
The previous version of the publication, dated March 29, was released April 1.
Under the revision, Step 16 was added to Worksheet 1-6, to provide a more accurate figure when converting tax credits to equivalent withholding allowances to include on Form W-4, Employee’s Withholding Allowance Certificate. Form W-4 is provided to employers to calculate income taxes to be withheld from employee pay.
Step 16, which was missing from the earlier version of the publication, instructs employees to divide a total amount derived in Step 15 by the 2018 withholding allowance amount, $4,150, to come up with a number of withholding allowances to be claimed on Form W-4.
Copyright © 2018 The Bureau of National Affairs, Inc. All Rights Reserved.
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