Tuesday, June 30, 2009
Check This Out
I happened to notice - on the Comcast news site - a thing about taxes. I've been concerned about how much taxes they are taking out of my check. Not that they're taking too much.....but that they might be taking too little. We all know that Obama signed a "stimulus" bill that would add a small amount of money back into everyone's weekly paycheck. The thought process apparently being that if they give you one big stimulus check like they did last year, you'd either put it in savings or pay a bill with it. Which wouldn't really stimulate the economy. By giving you a little each week, you are more apt to spend it. (They're not as stupid as they look down there in Washington, DC). I was concerned when I got my first paycheck after this change was made and noticed they were taking TWO dollars from my weekly paycheck for Federal Taxes. I called HR and she assured me it was okay cause hey.......they cut taxes. NO THEY DID NOT!!! They did NOT......I repeat....NOT.....cut taxes. You are still going to pay the same amount as you did before.......only instead of paying it every week and maybe getting a smidge back in April.....you will pay it ALL in April!. So anyway, on this Comcast site, they had a Tax Calculator from the IRS that helps you figure out if they're taking out enough taxes. I used the calculator and found out we are grossly underpaying our taxes and will owe $1200 to the Federal Government in April! The calculator advised that we take an additional $60 per paycheck out so we can come out even in April. Try it out.......see what your tax bill will be.