Bigger paychecks on the way

[mad1]

CNN


"July 1 marks the day when employers begin implementing the lower withholding rates mandated by the new tax law signed into law this spring. For some households that will mean an extra $20 or more a paycheck "

[Bill in SD, CA]

Now, if I only had a paycheck.



Bill

[Chuckiechan]

BTW, they are being sent with return envelopes for those folks that were against the tax cut and wanted to pay down the deficit instead. Teams of letter openers are standing by...

Originally posted by Bill in SD, CA
Now, if I only had a paycheck.



Bill

Independently wealthy High Net Worth individuals don't need paychecks.

Aren't we supposed to get the refunds this month?

[Bushmaster]

Ahhh yes, paychecks.....I remember them well.

[mad1]

Originally posted by shahani
Aren't we supposed to get the refunds this month?

That depends on the last two digits of the social security number on the tax form. The first set is 00-33 I think and are slate for July 1st.
Last two digits of SS# Date
00 to 33 July 25
34 to 66 August 1
67 to 99 August 8

This is for the increase in child deduction of $600 to $1,000. This is a early refund and has to be include on next years return.

[MDS]

I wait for the Aug. 8 so I can get my boat fixed

[MTAtech]

Great to have a larger paycheck but as scripture says, "what Bush givith, Bush takith away." The Bush Admin is re-writing regulations to take away overtime from 8 million people that get paid overtime for extra work.

There is also that incidental fact that Bush clearly did not want to aid the states and therefore, your state is probably broke and taxes will go up on the state level.

[Ed_S]

...so now I've got to re-figure my tax structure again!#$%^

I try to run mine as close to -0- as possible, meaning I don't want a refund OR a debt come April. Last year's $600 "advance refund" screwed me up, and I'll bet this does too. For 02, I would have had a small (under $100) refund, but instead I had to have extra withheld and still owed a couple hundred in April. For me, it was a wash financially but a pain in the butt overall.


Why can't they just let changes ride until April?? Or even better - make any changes effective ONLY on Jan 1, with any overages to be put towards debt reduction!!