HR pros have two important items to add to their to-do lists this week:
- Ensure that this week’s payroll reflects more generous federal income tax withholding levels mandated by the economic stimulus law enacted in February.
- Start using the new Form I-9 on Friday, April 3.
New withholding tables
The Making Work Pay tax credit is the tax-reduction centerpiece of the stimulus package, officially known as the American Recovery and Reinvestment Act of 2009 (ARRA).
The law provides tax breaks that vary depending on workers’ income and tax filing status. Generally, single taxpayers will get an additional $400 per year in the 2009 and 2010 tax years. Married couples that file jointly will get $800 per year.
Unlike past stimulus initiatives, in which the government sent checks to taxpayers, the ARRA provides more take-home pay by reducing the amount of federal income tax withheld from paychecks.
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