Your paycheck is fatter. Starting today

Most low- and middle-income workers will start seeing a bit more in their paychecks today, thanks to the “Making Work Pay” credit in the federal stimulus act.
1) Get the details
How much extra cash you will see depends on your marital status, your salary and how many allowances — or exemptions — you normally take. Normally you take the tax credit – a dollar for dollar reduction in your taxes – when you file, but the administration is trying to goose the economy here and that means getting money out faster – so a little less will be withheld from each paycheck for federal income tax. For singles, you could get an extra $10-$15 per paycheck weekly. If you’re married, filing jointly, you could see an extra $15-$20 per paycheck. And there’s nothing you have to do to claim this. When your employer adopts the new withholding tables, you will get it automatically. Self-employed people can get the credit by reducing their estimated tax payments or claiming it when they file their 2009 tax return.
2) Are you eligible?
There are some folks who won’t qualify. That includes those with high income. The tax credits phase out for a single filier with over $75,000 of adjusted gross income. For those people married and filing jointly, the credits phase out at $150,000. If you’re on Social Security, you don’t qualify since you have to be making an income. And finally, dependents can’t claim the credit. So your teenager, even if he/she holds a job, won’t qualify if they’re listed as a dependent on your tax return.