Comments on: 2009 Individual Stimulus Money Worth More Than Last Year’s Package.

By: shawn d,

shawn d, — Sun, 31 Jul 2011 00:56:21 +0000

I never received any stimulus benefits. Was my employer supposed to add that 13 dollars a week on my paycheck?

By: dee

dee — Tue, 09 Jun 2009 04:42:28 +0000

What about unemployed individuals? How is this plan helping them.

By: Thankful

Thankful — Thu, 26 Mar 2009 16:22:32 +0000

The reduction in witheld taxes kicked in on my 3/15 paycheck — almost an extra $30 (I get paid bimonthly). I actually prefer this to the big check, that extra little bit is wonderful. The bump will be a little higher this year than next (assuming no program changes), because it will be spread over fewer pay periods as an earlier commenter noted. The actual amount that you receive (rather, don’t have to give to the govt) depends on your tax bracket, your witholding status and marital status, as far as I know. Not sure if people with kids will receive more…

By: david

david — Thu, 19 Mar 2009 18:07:09 +0000

No, you won’t. It’s a reduction of your taxes.

By: MikeP

MikeP — Thu, 19 Mar 2009 17:03:21 +0000

I don’t mind the extra $67 per month that we’re able to “spend”….this will mostly go to debt. My concern is when I sit down next January to do my taxes. Am I gonna get zapped at tax time for this extra “spending” money I’m getting now? Where can I find an answer to this question?

By: WynnKe

WynnKe — Thu, 05 Mar 2009 00:56:40 +0000

Exactly, and very well said.

By: david

david — Wed, 04 Mar 2009 20:33:52 +0000

Great points Rini, and I agree that it could be more or less depending on how figures out the timetable. Thanks!

By: Jimmy

Jimmy — Wed, 04 Mar 2009 19:08:56 +0000

Regardless of the actual amount and frequency at which it’s doled out, I’m still using it to pay off debt. Sure, it won’t make much of a dent, but thanks to all of my weekly “snowflakes”, I’m now dropping nearly $1,000 a month on my car loan and it’ll be completely paid off later this year.

By: Rini

Rini — Wed, 04 Mar 2009 18:38:58 +0000

Actually, the Making Work Pay credit is only $400 per person, as of the last information I read. It is true that $13/wk for 52 weeks would come out to over $600, but keep in mind that the new withholding tables did not go into effect January 1st.

In fact, I believe that the $13/wk number was calculated based on the original start date of June 1st ($400 / 30 remaining weeks = $13.33/wk). Now that the start date has been moved to April 1st (or earlier, depending on your employer!), that number may indeed be lower ($400 / 39 remaining weeks = $10.26/wk).

Of course, if I have missed an announcement, please let me know!

–

On the other hand, the tax credit will apparently be available in 2010 as well (presumably this time at $400 / 52 = $7.69/wk?), bringing the grand total to $800 per person received.

So the thesis statement here is still, at least, correct! If you don’t have kids.

By: David

David — Wed, 04 Mar 2009 15:35:49 +0000

Nate, it’s $13 less taken in taxes.

Great point Kate; people will always find something to complain about though!