Small businesses that do their payroll in-house can use a downloadable spreadsheet to transition to the new withholding system that took effect on January 1. The Tax Withholding Assistant enables employers to withhold the correct amount whether or not the employee has completed the newly revised Form W-4. This works in conjunction with tables in IRS Publication 15-T, which allows employers to figure withholding using the percentage method or wage bracket tables. Employers are advised to save a separate copy of the spreadsheet for each employee because it contains important information, including the version of Form W-4 used by the employee.
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