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Thursday, Feb 22, 2024

No Foolin’, Expect a Bigger Paycheck April 1

Workers who see a bigger paycheck after April 1 may be tempted to wonder if there’s been a mistake (or if their employers are playing an April fool’s joke on them). But it’s just the Making Work Pay tax credit, which was a part of the federal stimulus package. “Although few employers are expected to give pay raises this year, many workers will soon see an increase in their take-home pay,” said officials of Glendale accounting firm, Milam, Knecht & Warner, which, like other local accounting firms, is implementing and advising clients about the requirements of the tax credit. The IRS has issued new tax tables to reflect the new numbers. The tables are available at www.irs.gov. According to Milam, Knecht & Warner, the credit reaches $400 for eligible individuals and $800 for eligible families, and is not a one-time payment. Instead, it will be spread out over 2009 and 2010 in workers’ paychecks. Thom Senzee

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