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$66.70 More Per Month

February 23rd, 2009 at 10:55 pm

I did some digging at the irs site and found

Text is this and Link is http://www.irs.gov/pub/irs-pdf/n1036.pdf
this pdf file of new withholding rates and calculations for the most recent enacted tax credit.

This is the credit that we will see over the next year as an decrease of federal taxes withheld from our paychecks. Working couples should receive $800 and singles $400.

When I do the math ($66.70 * 12) it does equal $800.40. Of course, this probably won't start until April on our paychecks. That's only 9 months of withholding ($66.70 * 9) which is equal to $600.30. The rest is a refundable credit that we will most likely see next year when we file our tax return.

So, I could use these extra funds to the home equity loan...OR I could up DH's retirement another 1% of his basic pay. I'll need to discuss with him!

Posted in Taxes | 5 Comments »

5 Responses to “$66.70 More Per Month”

  1. ceejay74 Says:
    February 23rd, 2009 at 11:30 pm 1235431847
    1235431847

    ccfree, thanks for posting this...I'd been meaning to do a post about what benefits I was going to see, so I don't forget when and how much to expect.

    I think I read somewhere that we will get the entire amount, divided among however many months there are left in the year. So if it doesn't start till June, we'll get twice the amount in each paycheck. Not positive, though.

  2. disneysteve Says:
    February 23rd, 2009 at 11:40 pm 1235432430
    1235432430

    I'll be perfectly happy to take an extra $65/month. It will go toward savings, of course. I'll use it to speed up the Roth contributions and then probably send it to the mortgage once the Roths are maxed.

  3. Amber Says:
    February 24th, 2009 at 03:43 am 1235447010
    1235447010

    I plan on socking my savings away no stimulating the economy for me

  4. disneysteve Says:
    February 24th, 2009 at 02:05 pm 1235484317
    1235484317

    Amber, I'm of the opinion that savings stimulates the economy, too. That money goes somewhere. If it goes to pay the salaries of the employees of the mutual fund company, then they spend it. Ultimately, the money filters into the economy.

  5. ea1776 Says:
    February 24th, 2009 at 09:42 pm 1235511734
    1235511734

    Mine will go to paying off credit card faster.

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