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Get yer ten bucks here!
February 23, 2009
The IRS has updated withholding tables to reflect the extra $10-per-week "making work pay" tax credits in the stimulus bill. The TaxProf, William Perez, and Kay Bell have more.
Expect it to stop the recession dead in its tracks, just like last year's $600 rebates did.
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Comments
Looks like the $400/$800 adjustment is made over an entire year, even though the new withholding rules will only be applied for a little over three quarters of the year. As a result, you get 75%-80% of the stimulus this year and the rest when you file for 2009 next spring. I guess they didn't want to maximize stimulus impact...
Posted by: Anonymous | February 23, 2009 2:35 PM