If you are single and make between $102 -$373 bi-weekly, you'll have 10-percent of your paycheck withheld. If you make up to $1,185, you'll get $27 withheld plus 15-percent. And if you make up to $2,635, you'll get $148 withheld plus 25-percent. And it increases the more you make.
"If your family makes $50,000 a year, that's a $1,000 savings. If your family makes $100,000 a year, that's a $2,000 savings. It's going to put money into pockets quickly," said Wayne Pankey, CPA, SB Hoover and Company.
This money increase will be in your paycheck no later than July 1. This table will be in effect until December of 2004.
To find out specifically how much you will get back, go to www.irs.gov