SALT LAKE CITY — Did you look closely at your last paycheck? You may want to check it again. Last year’s tax change is now going into effect and it could mean more or less money in your bank account, especially if you rely on tax exemptions.
“Most everybody will see a change in their payroll checks because of the changes in the federal tax,” said Charlie Roberts, spokesperson for the Utah Tax Commission.
He said these changes are the direct result of the federal tax bill that passed last year. Instead of asking Americans to list exemptions, like children, the bill gives everyone a standard deduction: 24,400 dollars.
Read more about the federal tax bill here.
The bill also effects Utahn’s state taxes, because Roberts says the state determines a resident’s tax amount based off how much they pay in federal taxes.
“Whatever they do on the federal side directly impacts state taxes,” he said.
For example, the average person making 70,000 dollars a year who is married and has three kids would end up paying about 233 more dollars over 2018 compared to last year. In other words, families with children will likely be paying more in taxes this year.
If you have your 2017 tax information at hand, the Utah Tax Commission has an estimator on their website at tax.utah.gov. It can predict what you’ll pay in 2018.
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