2009 Stimulus Tax Tables available.
by TedOn Feb 21 2009, the IRS has released new tax tables that implement the ‘Making Work Pay’ stimulus package.
Available for tax years 2009 and 2010, the credit is 6.2 percent of a taxpayer’s earned income with a maximum credit of $800 for a married couple filing a joint return and $400 for other taxpayers, but it is phased out for higher income taxpayers.
Many higher-income taxpayers will see little or no change in their take-home pay. That’s because the Making Work Pay credit is phased out for a married couple filing a joint return whose modified adjusted gross income (AGI) is between $150,000 and $190,000 and other taxpayers whose modified AGI is between $75,000 and $95,000.
Taxpayers will not get a separate, special check mailed to them from the IRS like last year’s economic stimulus payment.
The new tax tables are easily installed, directly from the PayMaster program by going to Utilities / Apply SQL Patches and selecting Internet/Check for SQL updates. The program should then download a file called 2009-stimulusupdate.sql. Select this file and apply to all active companies by checking them off. Of course if you have any questions or concerns feel free to call the support line.
The IRS asks that employers start using these new tables as soon as possible but not later than April 1.
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