Many workers will be seeing extra money in their paychecks as a result of new income tax withholding tables being released by the IRS in response to the new Making Work Pay tax credit. The credit is part of the massive American Recovery and Reinvestment Act and provides a credit of up to $400 per worker against their 2009 and 2010 taxes. To get this credit money in the hands of taxpayers now rather than later, legislators instructed the IRS to revise the withholding rates so workers can see a boost in their take-home pay now. The IRS has already released the new withholding rates, and asked employers to implement them no later than April 1, 2009. Workers do not need to fill out a new W-4 form to get the credit. In his weekly address, President Obama said that "a typical family will begin taking home at least $65 more every month," as a result of the new tax credit being factored into the new withholding tables. For more info please visit my website Hardge Connections, LLC.
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