• In the Spotlight:
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

stimulus package-what does it mean for next years income taxes?

can someone please tell me how the stimulus package-where they are taking less out of your check every week will affect my next years end of the year income taxes?I got my check this week and they didn"t take anything out for my federal income tax.Personally I always look forward to and need the money that I get at the end of the year and I certainly don"t need to owe them money so I was just wondering does anyone know how this is gonna affect that part of our taxes???

Answer Question
 
marebear711

Asked by marebear711 at 9:40 AM on Mar. 14, 2009 in Politics & Current Events

Level 1 (0 Credits)
Answers (10)
  • Well, being that this is America, you will probably now get a bigger tax refund paying absolutely no taxes.
    Anonymous

    Answer by Anonymous at 9:44 AM on Mar. 14, 2009

  • Ugh...I'm so sick of the "stimulus" crap. WHY couldn't the government come up with a better way to deal with our economy? Did anyone else see 20/20 last night? Interesting info about the economy....they've probably posted the show on their site.
    ReneeK3

    Answer by ReneeK3 at 10:04 AM on Mar. 14, 2009

  • The thing to keep in mind is this. You will still have the same amount of gross income which your federal tax is based on. The change in deduction so you will receive more money in your paycheck means that you will pay in less money weekly but still be taxed on the gross amount for the year.
    foreverb3

    Answer by foreverb3 at 10:04 AM on Mar. 14, 2009

  • It doesn't really mean much. If anything, you will receive UP TO $13 more TAKE HOME pay than you used to get...it's all your money that you actually earned, but less taxes will be taken out, so you'll see more each pay week.

    HOWEVER, depending on your total household income--whether you file jointly or not, and /or qualify for certain tax credits or not, you may or may not see a difference in what you owe and get as a return next tax season--as income threshold amounts by then will have been drastically lowered (below the $250,000 that Obama "promised" would benefit 95% of taxpaying Americans), you'll likely see LESS than the $13 a week "bonus" and end up owing just as much if not more than in years past in order to pay for the TRILLION or so spending spree he and Congress have been enjoying!

    Sorry, but the stimulus plan is largely going to benefit new and existing government programs--and not so much to individuals.
    LoriKeet

    Answer by LoriKeet at 10:11 AM on Mar. 14, 2009

  • BIG GUBMINT oh but screw those who have been busting their rears keeping their mortgage up to date eating ramen noodles and crap they don't deserve it.The ones who have been behind mostly because they took on way too much get the help lol and alot of them will default AGAIN causing us more problems!
    Anonymous

    Answer by Anonymous at 10:42 AM on Mar. 14, 2009

  • anon 10:42~~~~~I don't understand your answer to this question........
    foreverb3

    Answer by foreverb3 at 11:11 AM on Mar. 14, 2009

  • Not an swer to the question obviously but frustration.Anyway my answer is op you will be getting crumbs and may even pay in more next go.
    Anonymous

    Answer by Anonymous at 11:34 AM on Mar. 14, 2009

  • Depending upon your gross household income, what deductions/credits you might be entitled to you may end up paying additional taxes.

    Before going fruity, this won't happen to a lot of people. It will happen to some though.

    To the OP, if you like getting that lump sum check back, I would go over to the HR at your work and fill out a new tax form and on the line "Request Additional" put what you are accustomed to having taken out.

    Because I have a small business we end up paying. My DH is doing the additional at his work so this years won't be so much...hopefully... Of course with all the sneak taxes they have run through lately the whole thing will be a crap shoot anyway. EVERYONE is going to pay more one way or another.
    yourspecialkid

    Answer by yourspecialkid at 11:40 AM on Mar. 14, 2009

  • Thank you ReneeK3. That's a really interesting video :D
    Erica_Smerica

    Answer by Erica_Smerica at 5:06 PM on Mar. 14, 2009

  • unless you get EIC (which puts you below a certain pay scale), then you will most likely be paying it back come next year.
    xxhazeldovexx

    Answer by xxhazeldovexx at 6:09 PM on Mar. 14, 2009

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.