IRS Notice 1036, the updated tax withholding tables for the Tax Cuts and Jobs Act, instructs employers how to appropriately withhold wages from their employees’ paychecks in 2018.
In response, Paychex Inc., a provider of human capital management (HCM) solutions for payroll. HR, retirement, and insurance services, announced it has updated its HCM platform, Paychex Flex, to reflect the new withholding rates.
Martin Mucci, President and CEO of Paychex, said the company is proud to be one of the first in the payroll industry to implement the changes.
“The updated tables are now here and for Paychex Flex clients submitting payroll today, those payrolls will be processed using the new withholdings,” Mucci said. “We look forward to measuring the impact of take-home pay changes as part of our ongoing Small Business Employment Watch research.”
The IRS expects to release an updated withholding tax calculator to assist taxpayers by the end of February.
Visit www.paychex.com for more information.
