You’ll Soon See More Money on Your Paycheck in Minnesota
Changes to the income tax withholding table will lead to roughly 90% of employees across the country seeing an increase to their paychecks starting in February. The IRS explains, "a withholding table shows payroll service providers and employers how much tax to withhold from employee paychecks, given each employee’s wages, marital status, and the number of withholding allowances they claim."
How much additional money you'll see on your check depends on a number on things like how many dependents or allowances you claim on your W-4 and when you were hired. USA Today did a sample calculation that showed a single person with a $50,000 salary should see an extra $96 every two weeks - which is roughly $2,500 extra per year.
You do not need to do anything. Your employer should make all necessary changes in your company's payroll system. Employers have until Feb. 15th to do so.
Learn more about withholding tables from the IRS here.
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