Well finally here is some good news. You may see a small raise in your take home pay starting this month because of the recent Federal Tax cuts.
The Internal Revenue Service released new guidelines on January 11th of this year on how much employers should withhold for taxes from their employees' paychecks and now those rules are going into effect. They actually have to be implemented by Feb. 15.
The jump would be super extreme but according to ADP, for a single filer making between $46,000 and $160,000, their bi-weekly paychecks could go up by between $40 and $190.
However, some of you really may not see any change at all. A lot of it depends on your health plan and your state or local income taxes but on the plus side it won't take anymore money away from you. Gerard Schreiber Jr., a certified public accountant, told The Advocate, "It's meant to reduce the tax burden for most individuals, so there's going to be isolated incidents where some people will pay more, but the idea is to put more money into people's pockets at the expense of the national debt going up."