Monthly paychecks could see increase thanks to new tax law - KCBD NewsChannel 11 Lubbock

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.

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