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stimulus question...

If they are going to take out less taxes out of our weekly paychecks to make our paychecks bigger then that will mean we will have paid in less taxes. SO, come tax season are we going to get less money back or owe more money since we didn't pay in as much? Or are they going to adjust the tax tables to reflect the reduction in taxes from our paychecks? It wouldn't make any sense to give us that extra money on our checks if we are going to end up getting less money back because of it...then we would be back where we started.

Answer Question
 
Anonymous

Asked by Anonymous at 11:48 AM on Feb. 21, 2009 in Politics & Current Events

Answers (11)
  • I would call the IRS.
    Anonymous

    Answer by Anonymous at 11:49 AM on Feb. 21, 2009

  • I think this link answers your question

    http://www.google.com/hostednews/ap/article/ALeqM5hwvfyn_LmM9V3SYsPdSC7tOGcQjgD96ESJMG0
    grlygrlz2

    Answer by grlygrlz2 at 11:59 AM on Feb. 21, 2009

  • the way it goes now is if you dont have much taken out hten you get less back in tax season or you owe money back so ya id say that is a good possiblilty that alot of peolel will own money because of this but i agree you could call the IRS and ask them they would be the ones that would know for sure
    Anonymous

    Answer by Anonymous at 12:00 PM on Feb. 21, 2009

  • "Payroll administrators at your workplace will make the withholding adjustment in your paycheck automatically this spring. If you want your payment in a lump sum in tax refund instead of in paycheck, request to adjust withholding."

    grlygrlz2

    Answer by grlygrlz2 at 12:00 PM on Feb. 21, 2009

  • THere is always a catch to everything IMO.
    Just like grants. I took advantage in grants last year. "you won't have to pay a penny back"
    Well come tax season- after I put in how much money I used in grants it took our refund down a little more than a thousand dollars so I ended up paying back 3/4s of my grants. So I'm sure we'll make up for it.
    krazyash023

    Answer by krazyash023 at 12:18 PM on Feb. 21, 2009

  • Next year at tax time most of us will have to pay that extra money back. It really makes me mad that the Government would step in and change our with holdings. I don't see how that is any of their business as long as they are getting the money they 'deserve' at tax time the next year.
    Erica_Smerica

    Answer by Erica_Smerica at 12:41 PM on Feb. 21, 2009

  • Erica where are you getting your info? I didn't hear that it was temporary.
    stacymomof2

    Answer by stacymomof2 at 4:27 PM on Feb. 21, 2009

  • It would be more beneficial if they would simply change the tax brackets. And it would make more sense to the taxpayers.

    The child tax credit is going to be more "refundable" to lower income families.
    lifeasinoit

    Answer by lifeasinoit at 6:21 PM on Feb. 21, 2009

  • stacymomof2 call the IRS.
    Erica_Smerica

    Answer by Erica_Smerica at 7:12 PM on Feb. 21, 2009

  • So Erica, you are saying you did call the IRS and they informed you that you would have to pay it back? That it is essentially a loan? Because I am reading nothing about that.
    stacymomof2

    Answer by stacymomof2 at 7:49 PM on Feb. 21, 2009

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