Chairman Chabot Says New Tax Withholding Guidance A Win For Small Business Employees
WASHINGTON – Today, House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement in response to the Treasury Department’s announcement of updated tax withholding tables following the Tax Cuts and Jobs Act:
“We continue to see positive steps as a result of the Tax Cuts and Jobs Act. The IRS update of the withholding tables is another example of the law delivering for hardworking small business employees. This is in addition to the Tax Cuts and Jobs Act, which ensures small businesses are treated equally by providing a 20 percent deduction on qualified small business income."
Tax withholding tables assist in calculating the amount of tax to withhold from employees’ paychecks.Click HERE for additional information about the new tax withholding tables.