Ten Bucks a Week
The IRS on Saturday announced that it has issued new withholding tables to implement the Making Work Pay Tax Credit of 6.2% of earned income, up to $400 for single taxpayers and $800 for married couples. Employers must start using these tables by April 1, but may do so earlier. As Kay Bell notes, this works out to an extra $10 per week in take-home pay for most taxpayers. Higher income taxpayers will not see an increase in their take-home pay, as the credit phases outb at $75,000 – $95,000 for single taxpayers and $150,000 – $190,000 for married couples.
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Link via Instapundit.
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