{"id":352,"date":"2009-02-25T09:13:32","date_gmt":"2009-02-25T14:13:32","guid":{"rendered":"https:\/\/old.visionpayroll.com\/kb\/?p=352"},"modified":"2009-02-25T09:13:32","modified_gmt":"2009-02-25T14:13:32","slug":"tip-of-the-week-most-workers-to-receive-making-work-pay-credit","status":"publish","type":"post","link":"https:\/\/old.visionpayroll.com\/kb\/2009\/02\/tip-of-the-week-most-workers-to-receive-making-work-pay-credit\/","title":{"rendered":"Tip of the Week: Most Workers to Receive Making Work Pay Credit"},"content":{"rendered":"

As part of the American Recovery and Reinvestment Act of 2009, the Internal Revenue Service (IRS)<\/a> has released updated withholding tables. Though they won\u2019t be published until new Publication 15-T is made available later this week, the IRS<\/a> has released Notice 1036, Early Release Copies of New Wage Withholding and Advance Earned Income Credit Payment Tables<\/a> and encouraged employers to start using them as soon as possible. The deadline for implementation of the new tables is April 1, 2009.<\/span><\/p>\n

Workers are not required to file a new Form W-4, Employee\u2019s Withholding Allowance Certificate<\/a> or its Spanish equivalent, Formulario W-4(SP), Certificado de Exenci\u00f3n de la Retenci\u00f3n del Empleado<\/span><\/a> to see the impact of the tax law change. The Making Work Pay credit is equal to 6.2% of earned income, up to a maximum of $400 for single taxpayers and $800 for those filing joint returns. Phaseouts of the credit begin at $75,000 of adjusted gross income (AGI) for singles and $150,000 AGI for those filing joint returns and the credit is eliminated for singles with more than $95,000 of AGI and joint returns with more than $190,000 of AGI. Taxpayers in this phaseout range or above due to multiple jobs, a spouse\u2019s income, or unearned income should consider an amended <\/span>Form W-4<\/a> or Formulario W-4(SP)<\/a>.<\/span><\/p>\n

Vision Payroll<\/a> has already implemented the revised withholding tables and eligible employees should start seeing an increase in take-home pay as early as today. Contact Vision Payroll<\/a> if you have any further questions on the impact of the Making Work Pay credit.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

As part of the American Recovery and Reinvestment Act of 2009, the Internal Revenue Service (IRS) has released updated withholding tables. Though they won\u2019t be published until new Publication 15-T is made available later this week, the IRS has released Notice 1036, Early Release Copies of New Wage Withholding and Advance Earned Income Credit Payment […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[795,799,650,649,234,321,796,797,798,28],"_links":{"self":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/352"}],"collection":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/comments?post=352"}],"version-history":[{"count":1,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/352\/revisions"}],"predecessor-version":[{"id":462,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/352\/revisions\/462"}],"wp:attachment":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/media?parent=352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/categories?post=352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/tags?post=352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}