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Last updated on Wednesday, February 25, 2009
(UNDATED) - The Internal Revenue Service has released new withholding tables that will result in more take-home pay this spring for millions of American workers.
The new tables, now posted on IRS.gov, incorporate the new Making Work Pay Credit, one of the key tax provisions included in the American Recovery and Reinvestment Act of 2009 that became law earlier this week.
For most taxpayers, the additional credit will automatically start showing up in their paychecks this spring. IRS Commissioner Doug Shulman says since employers and payroll companies will handle this change, people typically won't need to take any additional action.
The new withholding tables along with other instructions related to the new tax law, will be incorporated in new publication 15-T.
This publication will be posted to IRS.gov next week and mailed to more than 9 million employers in mid-march.
The IRS asks that employers start using these new tables as soon as possible but not later than April 1. Most workers will see a boost in their take-home pay soon thereafter.
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