Stimulus bonus = more money in your pocket
You could see fatter paychecks from the "Making Work Pay" stimulus bonus.
Get ready for a fatter paycheck. The “Making Work Pay“ tax credit takes effect on April 1, which means most taxpayers will soon see an increase of about $30 per paycheck in their take-home pay. Individual taxpayers could receive up to an additional $400; $800 a year for married joint filers. The tax credit is available for 2009-2010.
Sounds like fantastic news, right? There are a few things to consider though, before you go spending all that extra cash:
You have two jobs: If both your employers pay the full tax credit, you may actually owe Uncle Sam money at the end of the year. To avoid this, check with your employers to see if they’re withholding the correct amounts.
The credit doesn’t apply to everyone: This tax credit will be calculated at a rate of 6.2% of earned income and will phase out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 for married couples filing jointly).
There’s a little more fine print, but overall the tax credit lets most people get more back. The government hopes these workers will turn around and spend the money to boost our sagging economy.
Read what the IRS has to say about the credit. CNN Money also has a thorough article on what you need to know about the stimulus money.
A lot of people have been saying they’d rather get a lump sum of $400, while others say a slow distribution of roughly $30 per paycheck means people are more likely to spend the extra cash… and that the economy really needs it.
What do you think? Also, what do you plan to spend this extra money on?
Saving for a new amp blues
I have been staring at my “goal amplifier” at various store locations online and been dreaming about playing the blues once again through a real amplifier. The thought crossed my mind to possibly purchasing a used amplifier on either Craigslist or Ebay but I’ve decided to go the “new” route.
I might start getting more aggressive with my savings plan because NOW I’ve laid my eyes on a Gibson guitar – it is WAY beyond my goal this year (we’re talking 4K past my amplifier goal).
So to ease the sting I’ve been feeling about my amplifier goal and now the Gibson guitar, I’ve recorded my “amp blues” using my computer.
Check it out for laughs!
2nd week- $60
Okay, so it’s the second week and I now have $60.
My goal is to save $30 per week for the next 24 weeks. That would give me $720 of travelling money! Trip is planned for sometime in August.
How is everyone else doing?
Saving for a rainy day
My goal is to save for the sake of saving…..that rainy day, when there is an emergency you need to deal with!
Saving for a Hunting Dog
I’m saving to buy a new hunting dog. My current hunting dog is getting too old to be in the field all day.
What is Grow Your Green?
Grow Your Green is Tech CU’s year–long campaign to help you save.
Here, you’ll find tips, resources and financial advice on how to save more. Join our Grow Your Green community of savers and be eligible to win prizes throughout the year. Share your savings story, and you could win $1,000!
Make 2009 your year of saving — Grow Your Green with Tech CU.
China: To go or not to go, that is the question
I’d like to take this once in a life-time trip to China to see a total solar eclipse. It is sponsored by the Academy of Science, so I believe the trip would be educational as well as fun. But, in this current economic environment I am really not sure that spending some major money on a 14 day holiday is economically responsible. My vacation savings account helps me to put a litlle bit aside each pay period. It comes right out of my paycheck before the DD, so I don’t miss it. Just not sure if I want to spend the money.
I’m saving for an iPod Shuffle!
Hi, my name is Jillian and I’m 10 years old. My mom is a member of Tech CU, and I want to participate in the GrowYourGreen campaign, and save for an iPod Shuffle and music downloads. Watch my cool video featured on the main page and stay tuned for more!
Jill
I am saving for a Guitar Amplifier!
I am self-teaching myself to play the Blues on my trusty Fender Stratocaster which used to play through a Fender Amp I parted with back in 2001. While I have been using my MAC computer as an amplifier, there is no comparison with the real thing! The model I am looking at is called the Fender Deluxe and the price tag is pretty hefty at $799 w/out tax. So my goal is to practice and save at least $75 a month if I can and hopefully by the time I can purchase tha amp I’ll be able to play something my next door neighbor won’t hate! 
Featured Saver – Jillian, 10
