Tax credits may be seen in this spring's paychecks

02.23.09
By Sarah Beldo

Wondering when you will start to enjoy the benefits of the recently passed economic stimulus package?

Most American taxpayers will begin to see some more money in their paychecks this spring, the IRS has announced.

Following the passage of the American Recovery and Reinvestment Act of 2009, millions of workers are eligible for a credit for the 2009 tax year.

Individuals will receive $400 extra over the course of the year, while couples filing jointly will receive $800. Once your income moves above $75,000 (single) or $150,000 (joint), the credit begins to phase out.

It has been estimated that once the provisions of the new law are implemented, the majority of workers will receive an additional $13 per week for the rest of this year.

"For most taxpayers, the additional credit will automatically start showing up in their paychecks this spring," IRS commissioner Doug Shulman said. "Since employees and payroll companies will handle this change, people typically won't need to take any additional action."

On Saturday, the IRS released new withholding tables relating to the new law. The tables will also be incorporated into Publication 15-T and mailed to millions of employers in the middle of March.

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Each worker is estimated to receive approximately $13 extra per week