The U.S. Treasury Department unveiled a calculator Wednesday to help Americans determine whether the amount of federal taxes being withheld from their pay is accurate under a new tax law.
The tax overhaul, passed by congressional Republicans in December, is estimated to boost after-tax incomes for most Americans in the initial years. Treasury said the changes would begin showing up in paychecks this month.
“Treasury estimates that the vast majority of employees in America will experience pay raises” as a result of lower tax bills for companies they work for, Treasury Secretary Steven Mnuchin said at a news conference.
The calculator is scheduled to be available sometime Wednesday at irs.gov, the website of the Internal Revenue Service, acting IRS Commissioner David Kautter said.