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Workers may see more take-home pay starting in February

With the Trump administration passing new tax laws, the average U.S. worker may wonder what affects the changes may have on their paychecks. According to the U.S. Treasury and the Internal Revenue Service (IRS), many people receiving a paycheck could see more money starting as early as next month.

New guidelines from the U.S. Treasury and the IRS point to some of the changes for tax collection for many Americans.

Under the new tax tables, the Treasury estimates that as many as 90-percent of workers will see more take-home pay as early as February. Employers have until February 15, to incorporate changes to their payroll systems.

One cause for concern for taxpayers will be whether or not their new take-home pay is withholding enough tax to avoid a big bill when they file their taxes next year

Some of the major changes affecting taxpayers will include new tax brackets, lower income tax rates, a near-doubling of the standard deduction and the elimination of both personal exemptions as well as man itemized deductions.

IRS officials have stated that they encourage every taxpayer to run their information through the new calculator. Officials are also urging filers who have a complicated tax situation to review the number of allowances they currently take on their W4s once the IRS puts out the new withholding calculator by the end of February.

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