LAKELAND, Fla. — The new tax bill is already making an impact in the Tampa Bay Area.
Employees are noticing bigger checks come pay day. But, how much can you expect to find in your bank account?
“It’s just a win-win,” Jessica Kircher, a college graduate who knows the struggles that come after school.
Stretching a check was not a class offered, but Kircher is learning quickly how to cover her bills.
“I budget as much as I can,” she said.
Kircher says she’s pretty comfortable with her paychecks, considering the debt that comes with learning.
“I think the number one struggle is student loans,” Kircher said.
So this payday it was a pleasant surprise to see a few unexpected numbers in her account.
“I checked my bank, I checked the total and I did notice there was extra,” she said.
President Trump promised tax cuts and the new tax bill is already delivering.
RECOMMENDED: Many folks seeing more money on their paychecks
“I really didn’t think anything of it. I didn’t think it was tied to any tax bill, I knew something with the taxes was going on,” Kircher says she tries to steer clear of anything political so the extra money was a surprise.
And for 90 percent of Americans, there will likely be surprise in your paycheck too after February 15, the deadline for employers to make the withholding changes.
Employees in Florida report seeing anywhere from a few dollars extra to an extra few hundred dollars in their paycheck. The difference will depend on how much you are being paid now.
“It’s a relief because it’s one more bill I can pay or more savings I can build up,” Kircher said.
Chrisanne Long, owner of a Lakeland based marketing firm, Maximize Digital Media, didn’t realize the change until ABC Action News brought it to her attention.
“Oh let me check and make sure it got done and if it didn’t what do we need to do to make it happen,” Long said.
Luckily, her payroll service had it handled.
“We are all looking at about a $50 per pay increase so I added that up to $100 a month that’s $1,200 a year,” Long said with a smile on her face.
ABC Action News took a look at employee’s individual checks and sure enough taxes decreased about $50 per person this period.
“I think we can do some fun things with some extra cash in our pocket,” Long said.
So what will Jessica do with her extra cash? She will literally be bringing home extra bacon.
“Instead of buying cheap bacon, I can buy name brand bacon, because I love bacon,” Kircher said.
The tax cut does not mean you will be paying any more in to the government at the end of the year.
But for those with complicated tax situations or business owners, you should check with you tax preparer.
At the end of February the IRS will launch a tax calculator showing how your paycheck should have changed.
