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March 18, 2009

An extra $10 a week

Tax blogger Kay Bell has been running the numbers and she's figured out that most of us should start getting an extra $10 a week in our paychecks starting April 1.

The extra take-home pay is one result of the $787,000,000,000 "stimulus" bill signed into the law last month.

Why $10 and not $13 as announced earlier? Because the earlier estimate assumed the IRS wouldn't be able to roll out the required change in the withholding tables until June, meaning the $400 tax cut would be spread over seven months (June-December).

But the IRS was quicker on the draw than expected, so the rollback will be spread over nine months instead (April-December).

The tax reduction starts phasing out at $75K of income for single taxpayers and at $150K for married taxpayers filing jointly. That means higher-income taxpayers will see an increase of less than $10 a week — or perhaps no increase at all.