Philanthropy at the University

Mailing Address:
Office of Development
P.O. Box 1321
Houston, TX 77251-1321
Physical Address:
Office of Development
7000 Fannin, Suite 1200
Houston, TX 77030
Phone: 713-500-3200
Fax: 713-500-3052

Welcome to UTHealth Gift Planning

Thank you for your interest in UTHealth. Our hope is to serve you and your family with helpful information. We have an increasing number of friends who now are benefiting from life income gifts, gift annuities, and other plans. Thank you for taking the time to explore the benefits of gift planning.

Text Resize
Print
Email
Subsribe to RSS Feed

Monday May 28, 2018

Washington News

Washington Hotline

Two-Income Families Benefit from "Paycheck Checkup"

In IR-2018-124, the Service offered a "Paycheck Checkup" for families with two incomes. The IRS Withholding Calculator on www.IRS.gov helps couples with two or more sources of income to adjust their withholding amounts.

Many two-income families will be able to change or reduce withholding due to the passage of the Tax Cuts and Jobs Act (TCJA). The TCJA increased the standard deduction to $24,000 for couples. It also eliminated personal exemptions, increased the Child Tax Credit and changed both the tax rates and brackets.

If you and your spouse have two or more sources of income, you could be overwithholding or underwithholding. The "Paycheck Checkup" is especially useful with two-income families because it shows the best withholding amounts for your specific situation.

To use the Withholding Calculator, you should have your 2017 tax returns and a recent paystub for both spouses. To protect your identity, the Withholding Calculator does not ask for your name, Social Security Number, address or bank account numbers. It also does not save or record the data you enter.

After you use the Withholding Calculator and enter the requisite information, you may need to contact your employer to update your IRS Form W-4. Your employer will use the new Form W-4 with your updated withholding allowances to adjust the amounts withheld from your paycheck.

With the increased $24,000 standard deduction, many couples with two incomes will be able to reduce withholding and increase their monthly take-home amounts.

Published May 25, 2018
Print
Email
Subsribe to RSS Feed

Previous Articles

Time for a 'Paycheck Checkup'

Tax Scams Go International

IRS Highlights National Small Business Week

IRS Offers Post Tax-Filing Deadline Tips

April 19 is Tax Freedom Day

scriptsknown