Ask The Taxgirl: How Much Money Will I Get Under Obama’s Stimulus Plan?
Taxpayer asks:
I was told that I would receive all my federal tax withholding for April, May & June. However, I just heard on the local news that it would only be $12 to $15, is that true?
Thanks for your advise,
Taxgirl says:
The Making Work Pay Credit will decrease the amount withheld from your paycheck by the applicable credit amount. For most individual taxpayers, this means there will be approximately $12-15 extra in your check each week. This could vary, depending on your pay and number of exemptions claimed; affected taxpayers may see less money withheld but should not see more.
Like any good lawyer, I need to add a disclaimer: Unfortunately, it is impossible to give comprehensive tax advice over the internet, no matter how well researched or written. Before relying on any information given on this site, contact a tax professional to discuss your particular situation.
Have a question? Ask the taxgirl!
Hello Taxgirl,
I am retired(73) and my wife stiil works full time(71) and we have been putting most of her paycheck in the 401K. She has a fixed $30 federal tax taken from her check bi- weekly. This week all of her coworkers got the OBAMA stimulus but she did not.
Should she be entitled to the simulus and how do we get it.
Thanks Ray