Posted on 03/05/2009 12:15:37 PM PST by andrew roman
You thought the analogue-to-digital conversion box fiasco had people confused?
Just wait.
This is something I can guarantee the overwhelming vast majority of Americans are not aware of – and come next April 15th, there are going to be a whole lot of irate people frantically screaming at their payroll departments demanding to know what the hell happened.
And meanwhile, not one official from the Obama Administration – the folks who care so much about America’s working families – is bothering to inform anyone about it.
If you are married, and both you and your spouse are entitled to President Obama’s economy-saving blockbuster "tax cuts" – which would yield approximately $13 a week in your paycheck through the end of the year, followed by approximately $8 a week until the $800 total is reached – you had better pay your payroll department a little visit and change your status to “married, filing separately” (if you haven’t already) or adjust your withholding allowances, because it is entirely possible you’re going to owe the government money by next April 15th.
Why? How?
First, let’s go back to a press release from IRS commissioner Doug Shulman, issued at the end of February, regarding the implementation of Obama’s “tax cuts”:
For most taxpayers, the additional credit will automatically start showing up in their paychecks this spring. Since employers and payroll companies will handle this change, people typically won’t need to take any additional action.
That is, unless you are married and filing jointly.
As most Americans understand the Obama plan, if your payroll department lists your status as “married, filing jointly,” and you fall within the income guidelines, you qualify for the Obamarific $800 “tax cut” and your paychecks will be adjusted accordingly.
But ...
(Excerpt) Read more at romanaround.net ...
My husband and I would rather owe at the end of the year than get money back. It’s our money and we can make use of it the entire year instead of the gov’t making use of it for us.
Obama is an Indian Giver!
You are correct in the instance that the tax cut is by family. However there is not different tax tables for married filing joint or seperate. There are sets of two tables: Single and Married with each having categories of how often you get paid - weekly (ha weakly), bi-weekly, semi-monthly and monthly. Simply adjust your exemption by one and you should be ok. Unfortunately you will be over paying with each paycheck. If you are good with setting aside money I’d keep your exemption where they are and set aside 800 bucks to pay the man when next april comes around.
Dropped off my taxes the other day and that is what they told me. The economy will not get any benefits from me as I plan on stashing as much away as I can over the next year.
What could have possibly given you THAT idea?
Yeah, he is a middle class hero. /s
He is so generous. We didn’t evem get a 24 pack of DVD American Classic films.
Those numbers aren't working out. $8 per week for 52 weeks is $416. For two people that would be $832, only $32 above the $800.
I don't see where $1600 could come from unless each spouse has two jobs.
I think they mean “underwithheld” rather than “undertaxed”
The way I understand it - and I’m working from Obamacratic language here, so please afford me some room here - each person will be “given” what will come to APPROXIMATELY $13.00 extra a week in their paychecks through the end of 2009. This is set to begin “in the spring.” That total will change to approxiamtely $8.00 a week thereafter until the $800 total is reached.
Andrew Roman
Brooklyn, NY
You must have something restricting it from your computer. I see it fine.
Firewall at work, blocks a lot of things including blog sites.
This is going to be a nightmare for payroll departments. Give an additional $13.00 per week and withhold and extra $6.50 from the check. All anyone will see is appoximately $7.00 on their paychecks. It’s going to cost employers $10.00 just to keep track of it all.
Are there any news stories about this you can link to? The Fox News link on your blog is dead.
You weren’t expecting efficiency were you?
Yep, in the irony to end all ironies, this “pre-bate” is really a balloon mortgage.
no one knows what is going to happen this year...many of us will lose our jobs or have spouses lose jobs, our tax liablity will be less, and besides, maybe by this time next year no one will be submitting taxes period.....just saying....
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