Monthly paychecks could see increase thanks to new tax law - WDAM-TV 7-News, Weather, Sports-Hattiesburg, MS

Monthly paychecks could see increase thanks to new tax law

Your paycheck may go up this month. Here's how. (Source: CNN) Your paycheck may go up this month. Here's how. (Source: CNN)

(CNN) - Your paycheck may go up this month.

As the Internal Revenue Service implements the new tax plan, people could see a bump in their paychecks soon.

The congressional budget office estimates employers will likely withhold between $10- $15 billion less from workers every month.

Payroll service ADP crunched the numbers.

A single filer making $57,000 a year, and taking one withholding allowance, could see a $60 increase in each monthly check.

A single filer making $162,000 a year can expect to see about $190 more.

Married workers who file jointly can also expect an increase in monthly checks.

Joint filers who get paid every two weeks making $61,000 a year, could see a $40 increase each pay period.

Remember, take-home pay depends on much more than just salary and allowances.

State and local taxes as well as health deductions may also impact pay and could eat up any potential extra cash.

Copyright 2018 CNN. All rights reserved.

  • Raycom reportsRaycom reportsMore>>

  • The Latest: IOC hasn't made decision on Russia reinstatement

    The Latest: IOC hasn't made decision on Russia reinstatement

    Friday, February 23 2018 8:14 PM EST2018-02-24 01:14:57 GMT
    Saturday, February 24 2018 6:48 AM EST2018-02-24 11:48:20 GMT
    (AP Photo/Michael Sohn). Driver Nadezhda Sergeeva and Anastasia Kocherzhova of the Olympic Athletes of Russia take a curve in their third heat during the women's two-man bobsled final at the 2018 Winter Olympics in Pyeongchang, South Korea, Wednesday, ...(AP Photo/Michael Sohn). Driver Nadezhda Sergeeva and Anastasia Kocherzhova of the Olympic Athletes of Russia take a curve in their third heat during the women's two-man bobsled final at the 2018 Winter Olympics in Pyeongchang, South Korea, Wednesday, ...

    The International Bobsled and Skeleton Federation says it isn't commenting yet on an alleged anti-doping rule violation by Russian women's bobsledder Nadezhda Sergeeva.

    More >>

    The International Bobsled and Skeleton Federation says it isn't commenting yet on an alleged anti-doping rule violation by Russian women's bobsledder Nadezhda Sergeeva.

    More >>
  • The Latest: Official: 18 soldiers killed in west Afghanistan

    The Latest: Official: 18 soldiers killed in west Afghanistan

    Saturday, February 24 2018 1:15 AM EST2018-02-24 06:15:26 GMT
    Saturday, February 24 2018 6:47 AM EST2018-02-24 11:47:06 GMT
    (AP Photo/Massoud Hossaini). Security forces inspect the site of a suicide bombing in the diplomatic area of capital Kabul, Afghanistan, Saturday, Feb. 24, 2018.  Interior ministry spokesman Najib Danish said several people were wounded in Saturday's a...(AP Photo/Massoud Hossaini). Security forces inspect the site of a suicide bombing in the diplomatic area of capital Kabul, Afghanistan, Saturday, Feb. 24, 2018. Interior ministry spokesman Najib Danish said several people were wounded in Saturday's a...

    Afghan official says at least three security personnel have been killed in separate suicide bombing attacks in southern Helmand province.

    More >>

    Afghan official says at least three security personnel have been killed in separate suicide bombing attacks in southern Helmand province.

    More >>
  • NRA faces corporate backlash after latest school shooting

    NRA faces corporate backlash after latest school shooting

    Saturday, February 24 2018 4:36 AM EST2018-02-24 09:36:41 GMT
    Saturday, February 24 2018 6:45 AM EST2018-02-24 11:45:54 GMT
    (AP Photo/Mark Lennihan, File). FILE- In this Feb. 15, 2006, file photo, BlackRock headquarters is shown in New York. U.S. companies are taking a closer look at investments, co-branding deals and other ties to the gun industry and its public face, the ...(AP Photo/Mark Lennihan, File). FILE- In this Feb. 15, 2006, file photo, BlackRock headquarters is shown in New York. U.S. companies are taking a closer look at investments, co-branding deals and other ties to the gun industry and its public face, the ...

    NRA faces corporate backlash after latest school shooting.

    More >>

    NRA faces corporate backlash after latest school shooting.

    More >>
Powered by Frankly