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On 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, […]
CNNMoney – President tells U.S. Treasury to implement cuts for 95% of Americans; by April 1, workers will see less taxes withheld from paychecks. The tax cuts are part of a $787 billion economic recovery plan passed by the Democratic-controlled Congress over Republican opposition. The aim is to put more money in the pockets of […]
Stimulus: How it may affect your wallet “Making Work Pay Credit: The bill provides a $400 credit per worker and a $800 credit per dual-earner couple. The full credit would be paid to people making $75,000 or less ($150,000 per dual-earner couple). For most working individuals, the credit will be paid over time at roughly […]
On Feb 16, 2009, employers are required to withhold Federal Income Tax from employee who claimed ‘Exempt’ status in 2008 but have yet to complete a new W4 for 2009. Until a new W4 is provided the employer should withhold as single filing status with zero withholding allowances. Note. You cannot claim exemption from […]
Ten Things the IRS Wants You to Know About Identity Theft 1. If you receive a letter or notice from the IRS which leads you to believe someone may have fraudulently used your Social Security Number, respond immediately to the name and address or phone number printed on the IRS notice. 2. If you receive […]
Recommendations for Successful Delivery of an Economic Stimulus Via Workers Paychecks PDF of APA’s Letter The American Payroll Association is recommending that to get this credit in the hands of American workers quickly and effectively, they recommend modifying the current income tax and withholding tables. The current proposal involves a refundable income tax credit equal […]
IR-2009-2, Jan. 6, 2009 WASHINGTON — The Internal Revenue Service today kicked off the 2009 tax filing season by announcing a number of new steps to help financially distressed taxpayers maximize their refunds and speed payments while providing additional help to people struggling to meet their tax obligations. With many people facing additional financial difficulties, […]
Obama’s paycheck bonus You might not get a raise next year. But if the economic stimulus ideas being floated are any indication, you might get more money on payday anyway. NEW YORK (CNNMoney.com) — For many cash-strapped workers, Barack Obama’s plan to stimulate the economy could mean more take-home money in their paychecks. While details […]
The IRS has released Publication 15 (Circular E) Employer’s Tax Guide for 2009. http://www.irs.gov/pub/irs-pdf/p15.pdf
IRS Releases Advance Copies of 2009 Withholding Tables and EIC tables. The tables are effective for wages paid in 2009. The withholding allowance amount has increased for 2009 up to $3650. The IRS has also issued the percentage method tables for determining advance earned income credit amounts. The wage-bracket tables for withheld federal income tax […]