Every six years, payday falls on the Sunday of Thanksgiving and Native American Heritage Day holiday weekend. Per state law, when payday falls on a Sunday, paychecks to employees are paid on the following Monday – in this case, on Monday, November 26.
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In response to the Tax Cuts and Jobs Act (TCJA) signed into law in December of last year, the IRS issued updated income-tax withholding tables earlier this year. As a result of the changes, many employees may already have noticed a significant reduction in the amount of federal taxes withheld on their paychecks.
Keep in mind, less taxes withheld from your paycheck does not necessarily mean less federal taxes will be owed at tax time.
All employees should review their withholding elections and make any updates as necessary to minimize the risk of receiving a larger-than-expected tax bill or a tax penalty on April 15.