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24 Feb 2009
The Internal Revenue Service has issued a revised set of tax-withholding tables which has the potential to reward workers with higher wages in the spring.
The tax tables are inclusive of the new Making Work Pay refundable tax credit, according to webcpa.com
Doug Shulman, commissioner of the IRS, said the the additional credit will automatically start showing up in taxpayers' paychecks in the spring.
'Since employers and payroll companies will handle this change, people typically won’t need to take any additional action. The IRS will continue working to implement this and other provisions of the new law as quickly as possible,' he said in a statement.
Further Reading:
Report highlights 'murky' tax gap in the US
Revenue authorities clash over unpaid tax from transfer pricing
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Briefings
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