Posted on 04/01/2009 4:26:57 PM PDT by Libloather
No April Fool's Joke, Paychecks To Increase
Al Sunshine Reporting
Apr 1, 2009 4:22 pm US/Eastern
MIAMI (CBS4) - This is not an April Fool's joke – starting Wednesday most Americans will notice a little extra in their paychecks.
As part of the Obama administrations $787 billion economic stimulus package, the two year "Making Work Pay" tax break goes into effect April 1st and will affect 95 percent of working American families.
**SNIP**
Instead of getting a single check like last year, the tax break will be doled out over the next two years as tax credits in paychecks. Most individuals will be eligible for $400, married couples up to $800. The tax credit will be phased out for higher-income taxpayers; individuals who make more than $75,000 and married couples who filing jointly and make between $150 thousand.
This year, most of those who qualify will receive an extra $13 a week more in their take-home pay.
In 2010, the credit will be about $7.70 a week spread over the entire year.
The administration has said that people who do not earn enough to owe income taxes will be eligible for the credit in an attempt to offset the payroll taxes they pay.
Click Here to see the adjusted tax tables.
The increase for most workers will be seamless. Their employers and payroll companies will make all the necessary changes; there will be no new W-4 withholding form to fill out or anything else to get the credit.
The Internal Revenue Service suggests that individuals and couples with multiple jobs submit a revised withholding form to be on the safe side. People should keep an eye on pay stubs to make sure their money is included.
(Excerpt) Read more at cbs4.com ...
And pay for those extra smoking taxes...
Be careful! Xlinton did this and didn’t reduce the tax liability, so it was only shifted to year end. Bet BO does the same.
I am sure that very few productive people will get the increase. But I am also sure that conservatives won’t give much of it to Republican groups because look around... what group is at the forefront fighting against leftists?? Not the RNC. Its time we created an organization we would be proud to give $13 a week to!!
And then they'll all coo and giggle like 10-year-old girls about how cool it is to have such a brainy black guy as 'president'.
Major-puke...
Don't do me any favors BO..... keep your welfare money; my vote isn't for sale
I hope the people who voted for this joker do not change their withholding and have to pay taxes next year
This is not a tax cut it is a tax deferment program
Its not free money its just less withholding! its the same amount of Federal theft.
I work a part time job and my take home pay has already increased.
LOL My secretary thought I made an error on her check a couple of weeks ago. She was mad that she would owe at tax time next year. I kindly explained that it was 0bama’s fault.
Okay, all I’ve heard is that people are getting a tax cut with this “withholding change”...but no one will answer the question: On April 15, 2010, will my tax rate be the same and will I be short $400 that I’ll have to scrape up? - ...magritte
Sounds like it. Oh, and make sure you don't OWE more than $2 grand or the IRS will send you those nasty quarterly payment booklets...
Ewwww - someone ticked about a RAISE!
Won’t even cover 10% of the ObamaDepression cut in my pay from the employer’s downturn. But at least I still have a job.
That aint even enought to buy a case of PBR.
The administration has said that people who do not earn enough to owe income taxes will be eligible for the credit in an attempt to offset the payroll taxes they pay. let's see... they don't pay ANY INCOME TAXES, and they STILL GET THE MONEY??? wonderful
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