The Changes that the new Tax Reform will have on Payroll Management

From Bloomberg News

Employers and employees no longer would be able to claim some deductions and income tax rates would range from 10 percent to 37 percent across seven brackets for individuals, a draft bill reconciling the House and Senate tax bills in a conference report released Dec. 17 said.

The reconciliation bill’s seven tax brackets have rates of 10, 12, 22, 24, 32, 35, and 37 percent, compared with the U.S. federal tax brackets currently in effect with rates of 10, 15, 25, 28, 33, 35, and 39.6 percent.

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