DATE: May 10, 2018
TO: All Employees
FROM: Mark Thomas, CFO/VP of Administrative Services
RE: Federal Tax Changes
With the tax changes for 2018, the IRS has put together a great resource for estimating what your taxes should be at the end of 2018 and to help you decide if you should update your W4. The links below contain both Frequently Asked Questions and a calculator that will walk you through estimating your taxes. As we have now completed the first quarter for 2018, it would be a good idea to review your withholding to ensure you are on track for the year.
Please note that the Wisconsin Retirement System (WRS) tax deferred retirement plan is at a rate of 6.7% for 2018.
If you decide you want to update your W4, please see https://facstaff.madisoncollege.edu/sites/facstaff/files/workday/workday-emp-payroll-manage-payroll-options-ja.pdf for guidance.
IRS Withholding Calculator Frequently Asked Questions
Please note that Payroll cannot offer any tax advice and if you should have additional questions, we recommend you contacting your tax advisor directly.
Published May 11, 2018.