The IRS says your paycheck Is about to get bigger

Posted at 7:08 PM, Jan 12, 2018
and last updated 2018-01-12 20:10:28-05

The IRS claims that because of the new tax law already being rolled out, you're about to get more money.

But it's up to you to make sure your paycheck has the right dollar amount.

Businesses large and small across Tampa Bay are about to get hit with an avalanche of math from the IRS.

"We’re estimating 90 percent of workers are going to see increase in take home pay because of the tax cuts act," says US Treasury Secretary Steven Mnuchin.

So how much more will you take home?

IN DEPTH: Your paycheck may be going up soon because of tax cuts

According to the new tax law, the more you make the more you get back.

Based on numbers from the irs and compiled by yahoo finance, if you make $25-thousand dollars a year, you're about to get an extra 24 dollars a month.

If you make $40,000, you'll get roughly $62 more a month; $80,000 a year would receive $162 a month. A $100,000 a year salary would get $228 a month.

And if you're lucky enough to make $1 million a year, you're about to get an extra $2,700 a month.

"This new guideline will mean that workers and their families will receive larger paychecks starting in February," says Mnuchin. 

In less than three weeks, the IRS says you'll see the bump in your bank account.

But in order for that to happen, whoever you work for needs to adjust your paycheck.

The catch is because the Trump administration is speeding up the process, employers are relying on outdated IRS forms which is why the Treasury Department is saying you need to double check your paycheck and your employer's math.

And to help you do that, the IRS is working on a tax calculator where you can punch in your paycheck and make sure your employer is giving you the right amount.

But right now that calculator is unavailable, because the IRS is trying to update it with all the new information.