NEW YORK (CNN/Money) - Get ready for a fatter paycheck.

More on the tax cuts • How much will you save? • The truth about the tax cut • The tax cut and your portfolio

July 1 marks the day when employers begin implementing the lower withholding rates mandated by the new tax law signed into law this spring. For some households that will mean an extra $20 or more a paycheck (hey, it adds up).

The law extended the 10 percent tax rate to cover the first $7,000 of taxable income for single persons (up from $6,000 -- an annual savings of $50 right there). It's extended to $14,000 for married couples. That helps all taxpayers.

2002 ADJUSTED   GROSS INCOME:   Less than $10,000 $10,000 to $20,000 $20,000 to $30,000 $30,000 to $40,000 $40,000 to $50,000 $50,000 to $75,000 $75,000 to $100,000 $100,000 to $200,000 $200,000 to $500,000 $500,000 to $1 million More than $1 million ESTIMATED   SAVINGS:    Click here for calculator assumptions  Source: Urban-Brookings Tax Policy Center

There's also "marriage-penalty" relief: The standard deduction for married couples is going up to $9,500 (that makes it exactly twice the standard deduction for singles) and the 15 percent tax rate will be extended to $56,800 (from $46,450) of taxable income.

In addition, each tax bracket above 15 percent has been cut by 2 percentage points except the highest rate, which fell from 38.6 percent to 35 percent.

The new tax code is in effect. CNNfn's Kathleen Hays speaks to a family about how they plan to spend their tax-cut savings. Play video (Real or Windows Media)

"The savings are going to be pretty nice, especially for married couples," said David Mellem, a partner in Ashwaubenon Tax Professionals in Green Bay, Wis.

A man and a woman both making $60,000 a year may each see their bi-weekly paychecks climb $20 or more.

Here are some other examples from H&R Block on how lower tax rates will boost paychecks:

• A single taxpayer making $50,000 a year gets an extra $8 a week.
• A married couple, two children, making $50,000 gets an extra $22 a week.
• A married couple, two children, making $75,000 a year gets an extra $40 a week.

Of course the reduction in tax rates is only part of the new tax bill. Not only have most capital gains rates been lowered, but dividend income will be taxed at the usually lower capital gains rate.

A couple with $300,000 in income, including dividend income of $10,000 and $50,000 in deductions, will see their taxes drop by nearly $7,000 a year.

Many companies began using the new tax table before the July 1 deadline. Small-engine manufacturer Briggs & Stratton employees saw a bump in their paychecks in mid-June. Steel Dynamics's payroll department also went to the new tables during that month. Unfortunately, they also began passing on health care cost increases the very same pay period, so pay checks rose a bit less then they would have. What one hand giveth, the other taketh away.

July is also the month that the government starts sending out child tax credit checks. As part of the tax-cut bill, the child tax credit went from $600 to $1,000. But in a bid to kick-start the economy, Congress decided to send out the savings as quickly as possible.

Most of the 25 million taxpayers eligible will receive a $400 check starting after July 25, when the first ones go into the mail.

The check's in the mail Child tax credits are to be mailed out according to the last 2 digits of the recipient's Social Security number. Last 2 digits  Mailing date  00 to 33  July 25  34 to 66  August 1  67 to 99  August 8   Source:  IRS

Just when the government cuts your particular check depends on the Social Security number of the person listed on your 2002 tax return. Those with Social Security numbers that end in 00 to 33 are in the first wave going out July 25 Those from 34 to 66 will have their checks issued August 1; those from 67 to 99, August 8.

The IRS cautions taxpayers to hold on to the paperwork that arrives with the check; they'll need it when they file their 2003 returns early next year.