Has your take home pay increased with the 2018 tax reform?

[greenskeeper]

increase of $45/check

will now claim the standard deduction since it was doubled

taxes will take all of 15 minutes to file

TRUMP

[Gailete]

Immediately after the New Year, my weekly take home actually went down a couple bucks, but I haven't look in a few weeks.

I did do my taxes, and with taking the now doubled standard deduction, my refund between federal and state is more than 3 times what it was last year (comparable income and deductions/credits).

Is this an estimate of what your taxes would have been under the new law as I wasn't aware that anything change for 2017 taxes? Or have I missed something?

I need to work on my taxes soon.

[AJSimon]

Is this an estimate of what your taxes would have been under the new law as I wasn't aware that anything change for 2017 taxes? Or have I missed something?

I need to work on my taxes soon.

Actually, you're right - the standard deduction doesn't change until next year. That said, my taxes are filed, and my refund is more than 3 times what it was last season. Maybe I'm right under the ceiling of a higher tax bracket, but my income and deductions aren't dramatically different this year than they were last, so I'm guessing that's it.

[tripods68]

I couldn’t tell based on my last paycheck. But then again, I increased my deferred contributions.

[bjl584]

My pay has gone up $120 a month.

But, what is going to happen when I file next year?
I don't know all of the details of the new tax code.
How many deductions am I going to lose?

[disneysteve]

My pay has gone up $120 a month.

But, what is going to happen when I file next year?
I don't know all of the details of the new tax code.
How many deductions am I going to lose?

Exactly! Sure it’s nice to get a bigger check but I’m also making sure to hold more in reserve in case we get hit with a big tax bill next year.

[Like2Plan]

My pay has gone up $120 a month.

But, what is going to happen when I file next year?
I don't know all of the details of the new tax code.
How many deductions am I going to lose?

The IRS did release updated guidance for tax withholding tables:

https://www.irs.gov/pub/irs-pdf/n1036.pdf

But, they still haven't updated the withholding calculator.... https://www.irs.gov/individuals/irs-...ing-calculator.

I believe some of the tax software packages offer a taxcaster for next year's tax liability.

If you want to figure it out yourself--here is some guidance:

https://taxfoundation.org/2018-tax-brackets/

[Gailete]

My son called today to say that his check was about $15 more, but they had counted something wrong (not the taxes) so he think he will be getting an extra $30 every two weeks. Very happy for him as I'm sure he will find a slot to put that extra money into.

[msomnipotent]

Our check was $41 more. I'm going to get $41 worth of pennies and roll in it like Scrooge McDuck.

[AJSimon]

Just checked - my take home has gone up $88/month.

[disneysteve]

My pay has gone up $120 a month.

But, what is going to happen when I file next year?
I don't know all of the details of the new tax code.
How many deductions am I going to lose?

Nobody knows all of the details yet. I spoke to my accountant today and he said there are a lot of questions being asked and no answers forthcoming yet. The one thing is is absolutely sure of is that the tax increases are going to cost us a lot more in 2018. So don't be fooled by the higher take home pay. It's purely an illusion to make the masses think the government is helping them.

[corn18]

Nobody knows all of the details yet. I spoke to my accountant today and he said there are a lot of questions being asked and no answers forthcoming yet. The one thing is is absolutely sure of is that the tax increases are going to cost us a lot more in 2018. So don't be fooled by the higher take home pay. It's purely an illusion to make the masses think the government is helping them.

DS,

This calculator was accurate for me when trying to figure out if I would actually save money or not:

http://taxplancalculator.com

I now have a spreadsheet that does the calculations for me.

See what it spits out.

[creditcardfree]

Our take home pay went up by $91.50 per month due to the new withholding tables.

I learned recently that we can claim our over 17 year old dependent children for a $500 tax credit each beginning in 2018. Not as good as the new $2000 credit for younger children, but it helps considering they are still dependents. That along with tax credits for college (we'll have two in college for 2018) will likely make our tax liability lower.

Obviously each person's tax situation is different, but for now it looks like we will pay less.

[disneysteve]

DS,

This calculator was accurate for me when trying to figure out if I would actually save money or not:

http://taxplancalculator.com

We shall see. That calculator says we'll save $3,000. Our accountant said we'll pay a few thousand extra. One of them is wrong. I'm betting the accountant knows more about our situation than the calculator.

[bennkar]

Getting my first new paycheck tomorrow. I upped my 457 by 1 % (as Roth) and then after that my pay only increased $5.50. Sigh. Oh well I was used to it that way, so nothing changed really.