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Money Girl

127 MG Making Work Pay Confusion Could Cost You

Money Girl

Macmillan Holdings, LLC

Entrepreneurship, Education, Investing, Business, How To

4.61.8K Ratings

🗓️ 10 June 2009

⏱️ 7 minutes

🧾️ Download transcript

Summary

What if too little taxes are being withheld from your paycheck?Like what you hear? Help us out by writing a review at iTunes. Questions go to money@qdnow.com. Thank you!

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Transcript

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0:00.0

Hello and

0:05.0

welcome to Money Girls Quick and Dirty Tits for a richer life.

0:10.0

I'm Laura Adams.

0:12.0

I'm Laura Adams. This episode is about the confusion many people have expressed about the making work pay tax credit.

0:21.5

Here's a question I received from Amy in Cincinnati.

0:25.0

Hi Laura, my company's payroll service recently, as they were supposed to,

0:30.0

change the withholding tables to accommodate the slow dribble of stimulus money into my paycheck.

0:36.4

The change put about $15 into my take-home pay per week in accordance with the President's

0:41.6

stimulus bill.

0:43.0

My husband also works and has seen the same thing happen to his paycheck.

0:47.0

If I understand the situation correctly, we would be entitled to $800 total between us.

0:53.5

We don't make enough money to have the stimulus money phase out and we only have one job each.

0:58.9

My question is that at a rate of $30 per week, we would hit $800 in about 26 weeks.

1:06.1

Since the money started to come our way the beginning of April,

1:09.1

should I expect the stimulus money in my paycheck to stop sometime in September.

1:14.2

Put another way, should I expect that my company's payroll service would put the old tables

1:18.6

back in service at that time?

1:20.9

Thanks for your email, Amy.

1:22.4

I think you summed up the concern nicely.

1:25.0

As most of you know, millions of Americans have seen a small increase in their paychecks

1:30.0

due to the Making Work Pay Tax Credit that went into effect earlier this year.

1:35.0

If you're not familiar with this tax benefit, be sure to listen to show 116, where I explain

...

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