Paylocity Tax Rates

Due to the recently passed Tax Cuts and Jobs Act, we have begun using the new tax rates issued by the IRS. This will change your withholding and net pay on your next paycheck.
Below is one example of the impact of these changes. This example is for an individual claiming Married Filing Jointly with one allowance and an annual salary of $52,000. For simplicity, only the Federal Income Tax Withholding Calculation is shown without benefits and other taxes.
Weekly Withholding Tax Savings$18.99
Annual Wage$52,000.00$52,000.00
Annual Allowance$4,050.00$4,150.00
Wage Less Allowances$47,950.00$47,850.00
Tax Bracket Base$27,300.00$30,600.00
Base Withholding$1,865.00$1,905.00
Wages in Excess of Base$20,650.00$17,250.00
Additional Over Base
(15% for 2017, 12% for 2018)
Base Withholding Plus Excess$$4,962.50$3,975.00
Weekly Withholding (Divided by 52)$95.43$76.44

 Click Here to read more about the new tax laws.

By Debbie Sparks Employee News