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Don't Spend it All At Once/Larger Paychecks due 7/1

 
 
Reply Wed 2 Jul, 2003 04:48 am
On account of the change in the tax law, workers will begin to see an increase in their pay checks as of July 1st. In addition, because of the increase in the child tax credit, checks for $400 are being mailed out this summer. When exactly will you get this check (if you are entitled to one) will be determined by your Social Security number:

New Tax Law/Bigger Paychecks as of July1
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Type: Discussion • Score: 1 • Views: 2,007 • Replies: 11
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New Haven
 
  1  
Reply Wed 2 Jul, 2003 05:04 am
What's the range for the Social Securities numbers?
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Phoenix32890
 
  1  
Reply Wed 2 Jul, 2003 05:08 am
Quote:
The check's in the mail
Child tax credits are to be mailed out according to the last 2 digits of the recipient's Social Security number.

Last 2 digits Mailing date
00 to 33 July 25
34 to 66 August 1
67 to 99 August 8
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NeoGuin
 
  1  
Reply Wed 2 Jul, 2003 06:38 am
Of course, people like me don't make enough money for it to matter:(
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roger
 
  1  
Reply Wed 2 Jul, 2003 07:33 am
Lack of income (taxable income) seems the least of barriers, NeoGuin.
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Craven de Kere
 
  1  
Reply Wed 2 Jul, 2003 09:27 am
On CNN Money, I saw something saying that couples benefit the most and that someone with a $50,000 salary would get about $20 back.

Then they were talking about $400 some odd bucks for having a kid or some such.

Made me wonder, anyone know what the benefit of being in a couple is tax-wise?
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Phoenix32890
 
  1  
Reply Wed 2 Jul, 2003 05:46 pm
Craven- Here it is, "right from the horse's mouth"!

Quote:
The basic standard deduction for married taxpayers filing jointly and
qualifying widow(er)s has increased to $9,500 (twice that of single filers). The standard deduction for married taxpayers filing separately has increased to $4,750 (the same as that of single taxpayers).
Link to 2003 Tax Changes

Link to 2003 Tax Schedules
0 Replies
 
Craven de Kere
 
  1  
Reply Wed 2 Jul, 2003 05:54 pm
That's exactly what I read, I'm wonndering why. The couples I know are already at an advantage for being a couple and sharing bills.
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Phoenix32890
 
  1  
Reply Wed 2 Jul, 2003 06:05 pm
The new law was designed to rectify a glitch in the income tax laws, where married couples ended up paying more tax than if they were two single people filing separately. That had been known as the "marriage penalty". I found an old article which describes the problem.

Link to the "Marriage Penalty"
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Craven de Kere
 
  1  
Reply Wed 2 Jul, 2003 06:08 pm
Odd, so to correct the discrapancy ther's another one? Oh well, my tax break is less than $5 a month, I bet. I'm not gonna complain that it's not $10.
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cicerone imposter
 
  1  
Reply Wed 2 Jul, 2003 06:30 pm
Don't get too accustomed to the increase in your paychecks. Many of the tax law benefits have a time limit. c.i.
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nextone
 
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Reply Wed 2 Jul, 2003 06:32 pm
Always thought the marriage penalty was my ex!
0 Replies
 
 

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