Tax (fed) went down

[Maismom]

My federal tax went down this pay period. I guess gov. is doing what it said it will do for change. Check yours. I heard the starting period varies by companies, but this tax reduction should kick in by April. Sorry, if you're making 250k or more because you will see the tax going other direction.

[hokiegir1]

Originally Posted by Maismom My federal tax went down this pay period. I guess gov. is doing what it said it will do for change. Check yours. I heard the starting period varies by companies, but this tax reduction should kick in by April. Sorry, if you're making 250k or more because you will see the tax going other direction.

Hubby's did as well. He came home and told me he got a "raise"...I looked at what he deposited, and it was about $10 more...which will be $40/month. Works for me! My next check is the 27th (every 2 weeks), so we'll see if mine goes through...

[shelleyf]

We don't make enough to pay federal only the other taxes. I guess that means I won't get anything. Anyone know?

[ILv2Shop]

I did our business' payroll last Friday and was thrilled to see this. At first I was like, huh? Got a woot-woot from our employees.
This explains it pretty clearly without a bunch of mumbo-jumbo.
President Obama says people should see tax cut benefits by April 1 : News : Redding Record Searchlight

[shelleyf]

up to the top

[shelleyf]

up

[babymains]

No, there will not be stimulus checks like last year for most people. You will just get less taken out per week. So $7- $20 per week in your pocket from the federal level. If you get Social Security reciptants will get a one time $250? payment. $250 the last amount I heard. So since you don't make enough to pay federal taxes you will see it in next years return. You tax liablity will be lower or standard deduction higher causing your refund to be higher in your case. I hope that helps!

[JDan]

The company my husband works for has already started the new tax amount. But on his checks, there was no difference. He went to human resources, and they told him it was because of his age??? (He's just shy of 40). But I didn't think so, so he asked the other worker in human resources, and she said she would check into it, but still nothing. I know he doesn't make too much to quailify, and he pays in federal taxes, so what else could it be?

[babymains]

It could also be your withholdings. If you withhold extra by request or my claiming too few people (we do this), it changes your deduction and cause drop to be less noticable. Plus since they started early the change will be small because it is spread thinner. Other things that can cause no change are pre tax deductions (charity, insurance, and petitions), Retirement contributions (IRA, 401K), or if his business reports income in a different way (don't deduct federal tax until he makes more than standard deduction amount). So this stimulus is very confusing. I have a required petition (teacher's) and it mess mine up, so I get about a extra $6 each month.