Get the 'Making Work Pay' credit

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NEW YORK (CNNMoney.com) -- Most low- and middle-income workers will start seeing a bit more in their paychecks today, thanks to the "Making Work Pay" credit in the federal stimulus act.

Let's get started with how much this tax credit is.

Keep in mind that just how much extra cash you will see depends on your marital status, your salary and how many allowances -- or exemptions -- you take.

Normally you take the tax credit -- a dollar for dollar reduction in your taxes -- when you file, but the administration is trying to goose the economy here and that means getting money out faster -- so a little less will be withheld from each paycheck for federal income tax.

Those who are filing single could see an extra $10-$15 per paycheck weekly. If you're married, filing jointly, you could see an extra $15-$20 per paycheck.

And there's nothing you have to do to claim this. When your employer adopts the new withholding tables, you will automatically get it. Self-employed people can get the credit by reducing their estimated tax payments or claiming it when they file their 2009 tax return.

Of course, there are folks who won't qualify.

If you earn too much, you won't be eligible. The credit phases out between $150,000 in adjusted gross income for married couples filing jointly and after $75,000 for everyone else. And you have to be employed to receive this credit first of all -- so, if you're retired or on Social Security, you're out of luck.

And finally, you can't get this if you're a dependent on someone else's tax return. For more information, go to the IRS Web site at irs.gov and enter in "making work pay."