When do we start seeing the stimulus in our paycheck?

Just checking to see if people are seeing a bump in their paycheck. From what I am reading it looks like some people are already receiving it, while others are still waiting. Info went out to employers Mid-March and it was to be started no later than April 1st. But does that mean the pay period that April 1st lands in? Everything I am reading it is really not clear. My husband got paid today, (bi-weekly) but this paycheck didn’t include April 1st. We have seen the bump of $30 so that is a $15 increase per week. That is great, it helps off-set the increase we saw in our insurance premiums. so if we roughly times that out with the remainder of the year just under 20 paychecks, we will be getting an additional $600 over that timeframe.

It is nice to see the bump, it feels like we have been flat-lined for years, with the increase in insurance and the cutting down on raises, this year it has already been announced that there won’t be any raises. So the bump is nice and appreciated. But I was also reading that if you are a dual-income family you may see the bump on both paychecks so you will be receiving the 800 twice(1600), more money in your pocket now but $800 more in tax liability for 2009, so be careful, if you had a refund of less than $800 this year and things aren’t much different in your household and you both are seeing bumps in your paycheck, you may have to pay in, not a bad thing as long as it is not a surprise when you go do your taxes next year. If you already have paid in this year and your are in the above scenario, I would suggest dropping your withholdings by one to see what difference it makes in your paycheck. Since we are just starting the 2nd quarter you can take that number and times by remaining paychecks. If you are paid weekly, it is 39; bi-weekly, 19 and monthly 8. Will that cover the money you owed this year? It is a numbers game, the object of the game is to not have to pay anything in nor receive a refund, which would mean they are only taking out their share and nothing more. If you have questions, don’t hesitate to contact me, I can walk you through those calculations.

The next logical question is what happens if I don’t see a bump in my paycheck? My first suggestion would be go to your payroll person and ask when it will be in effect for your paycheck.

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~ by debt2dreams on April 2, 2009.

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