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Jan. 30, 2018 - The federal government has released new federal tax withholding tables, and that means take home pay for city employees will likely be different starting Feb. 2. Here's a message from Hampton's Finance Department:
As you are most likely aware, the federal government has released new federal tax withholding tables that are to be implemented beginning with February 2018 payroll. The City is in compliance and those tax tables have been applied to your February 2 , 2018 payroll direct deposit.
What this means for you:
Your take home pay will likely be different. The change in your federal tax withholding will impact your net check. Below is an excerpt from the IRS website (news release IR-218-05, Jan. 11, 2018):
"The new withholding tables are designed to work with the Forms W-4 that workers have already filed with their employers to claim withholding allowances. This will minimize burden on taxpayers and employers. Employees do not have to do anything at this time.
"In the weeks ahead, the IRS will be providing more information to help people understand and review these changes."
If you wish to read more on the new tax law you can visit www.irs.gov.