There’s no question $789 billion is a lot of money. And as Congress prepares to pass the stimulus package — possibly as soon as today — many Americans may be wondering, "How exactly does this help us?" Well, we’ve rounded up some of the elements of the bill that would most directly affect you, the American taxpayer, with a little help from places like USA Today and The New York Times, among others. It’s estimated the bill could increase employment by .8 million - 2.3 million jobs by the end of the year, increasing through the next two years. And some of the impact could be felt immediately. 

Here’s just some of what the latest version of the stimulus bill may offer you:

• Tax breaks for new cars and new homes. First-time home buyers would receive an $8,000 tax credit, versus the current $7,500 credit, if they buy a home by the end of the year. New car buyers can deduct the purchase’s sales tax from taxable income. A family could save between $300 and $600 on a new car with the assistance.

• Tax credit of $400 for single people or $800 for married couples for two years. But if you’re single with an adjusted gross income of $75,000-$90,000, or married with a combined AGI of $150,000 to $190,000, the credit would phase out. That credit would increase the average taxpayer’s paycheck by about $8 a week. (That may buy you 1.5 meals at McDonald’s, or a sushi roll).

• A $5,000 expanded earned-income tax credit (worth $5,600 for 2010 taxes) and child tax credit for low-income families. It will also help protect child support enforcement services for over 17 million children and their single parents - mostly single moms - through September 2010.

• Higher education tax credit of up to $2,500 in 2009 and 2010. If you’re single or married in the abovementioned tax bracket, however, that credit would be phased out.

• Higher Pell Grants for eligible college students, thanks to a $400 increase in the maximum grant, to $5,250.

• Temporary relief for 24 million households from the alternative minimum tax in 2009. The AMT was designed originally to target high-income taxpayers, but lawmakers fear it could encroach upon the middle class since it’s never been indexed for inflation. Those making $200,000 to $500,000 in 2009 will get about $4,800 in 2010. For those making $75,000 to $100,000, they will save $500 next year.

• A $25 increase in weekly unemployment benefit checks through 2009, up from the average of $200 per week. We normally pay federal income taxes on federal unemployment benefits, but this year, if you’re unemployed, you won’t have to pay taxes on the first $2,400 in benefits you receive.

• Longer period (up to 33 weeks more) in which people can be eligible for extended unemployment benefits. States also get more help to pay at least 500,000 people who otherwise wouldn’t get unemployment benefits.

• More help for states to pay unemployment to at least 500,000 people, including some low-wage and part-time workers, who wouldn’t otherwise receive unemployment benefits.

• A $250 refundable tax credit for retirees, the disabled and Social Security recipients, within 120 days of the bill’s signing.

• Increase in the maximum monthly food-stamp benefit by 13 percent per recipient. It’s believed this will help 31 million Americans, half of them children. Overall, the bill provides a $20 billion increase in the food-stamps program and $2.1 billion to expand Head Start.