Anyone else see themselves take a sizable pay impact this month?

[HeXen]

Those who are responsible people, shall forever be responsible for the outcome of those who are irresponsible.

 

[dmcowen674]

In all fairness Don Vito Corleone is hardly the biggest moron around here. He is no where near the levels of mcowned, techs, ausm, phokus and quite a few others.

Did you look in your own mirror?

 

[bozack]

The tax increase you are seeing in your paycheck is the 2% increase in payroll taxes. That is of course assuming you make less than 400k a year, and if you're arguing 400k is middle class well...that's just delusional.

Obama is the one who originated that tax cut, he extended it a year ago, and it was in his initial offers this year. It was dropped because Republicans objected to it. With that in mind it is baffling to blame this tax increase on Obama.

Thank you for stating the obvious Eskimo, never would have figured out the increase was that of the payroll tax to benefit a system that I will most likely never get any benefit from....and also well aware that this was set to expire and did which is why the tax is higher....

I will cover the rest in my reply to engineer.....

By the way, since it's a couple hundred bucks lower and assuming that you're talking about the SS 2% being reinstated, this means that you brought in over $10,000 for the 2 week period. Since Obama has generally stated that over $250,000 is rich, that places you at the bottom end of the rich scale. Congratulations.

And for you thanking Obama, just make sure to thank the rest of the entire group of congress for it as I said earlier, nobody in Congress wanted it and Obama was the only one who wanted it (conditions or not)...he was still the only one who even had it on the table. Based on that, I'm assuming you were thanking him for trying to extend it for one more year.

Uuum no, not even close to that, but I did see a reduction in my take home amount that I considered sizable.

Obama only wanted it for those making under 250K, whereas if they dropped the whole "punish the rich" I believe it would have been worked in for all, and they could have focused on something much more productive like cutting expenses.

Instead Obama had to have his social justice, and since he didn't get his way with the 250K mark I can only presume he didn't feel it was worth it for those making 400K or less...the Repubs also didn't fight for it as they didn't want anyone to get taxed period, so now it will be a blame game and I am picking to blame Obama and his administration as they insisted on making an example of the wealthy for a minimal amount of revenue, vs fixing loopholes and cutting back the spending.

Youre making less compared to last month or the same time 1 year ago?

Heh, so its funny as I thought about this right after I started the post, and I have to check what I was pulling in a year ago at this time, but I also believe they changed the maximum amount so regardless it will still cost me a bit more or so I figure.

 

[fskimospy]

Income taxes are increasing on those making far less than 400k per year.
http://online.wsj.com/article/SB10001424127887323874204578219793593903934.html

None of that would be reflected in his pay stub, it's not what he's talking about.

EDIT: Also, that's a fantastic idea. I personally would have been a far bigger fan of creating some new tax brackets so that we wouldn't be taxing dollars over $250k at the same rate as dollars made over $1 million, but $400k is an absurdly high level to start increasing tax rates at.

 

[fskimospy]

Thank you for stating the obvious Eskimo, never would have figured out the increase was that of the payroll tax to benefit a system that I will most likely never get any benefit from....and also well aware that this was set to expire and did which is why the tax is higher....

Nah, you will basically certainly get benefits from it. Social Security is fine.

Uuum no, not even close to that, but I did see a reduction in my take home amount that I considered sizable.

Obama only wanted it for those making under 250K, whereas if they dropped the whole "punish the rich" I believe it would have been worked in for all, and they could have focused on something much more productive like cutting expenses.

Instead Obama had to have his social justice, and since he didn't get his way with the 250K mark I can only presume he didn't feel it was worth it for those making 400K or less...the Repubs also didn't fight for it as they didn't want anyone to get taxed period, so now it will be a blame game and I am picking to blame Obama and his administration as they insisted on making an example of the wealthy for a minimal amount of revenue, vs fixing loopholes and cutting back the spending.

You appear to be mixing things up here. There were two separate increases, the end of a tax cut that Obama created that cut payroll taxes 2%. Separate from that there was an increase in income tax rates for those making above $400k/$450k. Payroll taxes are only applied to the first ~110k or so. There was never a discussion to make this payroll tax cut dependent upon income in any way, shape, or form.

Ever.

Republicans opposed the payroll tax cut, Obama supported it. Unless you are making more than $400k your tax increase is due to Republicans, not Obama. There really isn't any way around this.

 

[Londo_Jowo]

Yes. Payroll tax increase, health insurance premium increase, and hitting the next tax level. I'm getting almost the same take home as I did prior to this promotion.

 

[fskimospy]

Yes. Payroll tax increase, health insurance premium increase, and hitting the next tax level. I'm getting almost the same take home as I did prior to this promotion.

I'm going to guess that hitting the next tax level didn't have much to do with that.

 

[piasabird]

President is an Indian Giver. He promised a tax break and the took it back as soon as he got reelected. Beware of Black man With Forked Tongue.

 

[piasabird]

Lincoln freed the slaves and O'Bammah wants to enslave everyone.

 

[Carmen813]

You only pay social security taxes on the first $110k or so of income.

 

[KingerXI]

President is an Indian Giver. He promised a tax break and the took it back as soon as he got reelected. Beware of Black man With Forked Tongue.

OK, are you a dumbass or just ignorant or a racist (clearly)? Neither party wanted to extend the TEMPORARY payroll tax cut because they were only supposed to be temporary ( do you understand what that means?) and they were robbing from Social Security. The Republicans had more to do with the payroll tax break going away then Obama you racist.

 

[Londo_Jowo]

I'm going to guess that hitting the next tax level didn't have much to do with that.

I suspect a 15% raise did play into it.

 

[fskimospy]

I suspect a 15% raise did play into it.

Congrats! I'm just saying that tax brackets increase generally by about 3-5% per bracket except at the absolute lowest end, and my hopes are that you are not there. So really, even if you were exactly $1 under the next higher bracket 3-5% of 15% of your salary (0.45%-0.75%) probably isn't making the difference.

 

[Engineer]

I suspect a 15% raise did play into it.

If you got a 15% raise and they took 2% more of your pay in payroll taxes (of that now 115% original pay), your health insurance must have taken a huge increase, since the next tax rate is "marginal" and would only effect the part above that rate marker. Based on what you're saying, you either don't make much (which I doubt working in the oil industry and doing what you are) or your health insurance went through the roof (and I can't imagine that it went to have went UP more than 10% of your gross to effect your pay that much). Are you sure that you're not missing something here?

 

[sze5003]

If you got a 15% raise and they took 2% more of your pay in payroll taxes (of that now 115% original pay), your health insurance must have taken a huge increase, since the next tax rate is "marginal" and would only effect the part above that rate marker. Based on what you're saying, you either don't make much (which I doubt working in the oil industry and doing what you are) or your health insurance went through the roof (and I can't imagine that it went to have went UP more than 10% of your gross to effect your pay that much). Are you sure that you're not missing something here?

Yeah that's odd. My health coverage went up about 1 or 2 bucks in each section. I think prescription went up a bit more compared to last year. But if you got 15% then the 2% shouldn't have gotten you to make the same amount before all this. You would deff see some positive net take home pay.

 

[hal2kilo]

OK.

So, in this current climate which you freely admit to: where neither side is willing to compromise, where it is fully known by all with the capability of reading that the only goal of the last 2 sessions of Teabagger controlled congress is to oppose anything that Obama does, regardless of merit, regardless of need, regardless of soundness--to the obvious and great detriment of our country, "Obama be damned"--what does "leading" mean for Obama?

Does it mean stepping out, bitch-slipping these yahoos into submission and cramming every thing he wants down their throats, since it's plainly obvious that it is the only way to pass anything?
That's his only option, really. So, when he leads in this climate, how then do you label him?

Careful, you might someones head explode with...with... thought.

 

[umbrella39]

Just got my updated pay stub and a couple of hundred bucks less than last year....wondering how many others in the coveted middle class on here are seeing the same.

Thanks Obama.

You are a fucking idiot. Did you ever consider that is the reason you make less...

 

[umbrella39]

Are you really this zealously loyal to the Democratic party and the President? It's like its a religion. Are you allowed to think for yourself or is that against party guidelines as well?

The folly in aligning ones self with either party...especially given the state of our Congress. Do you really think the Senate is any better?

So who was recently vacationed that prompted this recently active troll resurrection... zzzzzzzz

 

[Londo_Jowo]

If you got a 15% raise and they took 2% more of your pay in payroll taxes (of that now 115% original pay), your health insurance must have taken a huge increase, since the next tax rate is "marginal" and would only effect the part above that rate marker. Based on what you're saying, you either don't make much (which I doubt working in the oil industry and doing what you are) or your health insurance went through the roof (and I can't imagine that it went to have went UP more than 10% of your gross to effect your pay that much). Are you sure that you're not missing something here?

I made my assumptions based on the direct deposit that was made to my checking account Friday. I'm in the shop this morning picking up some drawings that I need to help on catastrophic machine failure investigation. I just downloaded my pay stub and found out H-R/Payroll dept incorrectly adjusted my salary for a 5% increase rather than the 15% I was supposed to get with this new position/assignment. I know who I'll be on the phone with come tomorrow at 8am CDT

 

[DrPizza]

I glanced through this thread and saw some people saying something about $250,000 or something like that.

The tax went up by 2%. (Or rather, the 2% cut expired.)

However, social security taxes are only on the first $113,700 in 2013.
http://www.ssa.gov/planners/maxtax.htm

2% of that is $2274. So, you'll pay $2274 more than in 2012 at the most. Well, that's not quite right, since in 2012, it was only the first $110,100 - so, 2% of the additional $2,600 is $52. Making $2326 the maximum that your take-home could have been reduced for this year.

Even if the OP was paid only monthly, that's still less than $200 for the entire month.
That is, it's reduced by $193.83 if paid monthly, or $96.92 if paid bimonthly, or $89.46 if bi-weekly, or $44.73 if weekly. So, "couple hundred bucks less" - No. (though close, and only if he's paid monthly, which is pretty uncommon.)

In other words, *cough* shenanigans *cough*


I'm not an expert on taxes, so I may have made a mistake (though, my arithmetic is most likely just fine.)

 

[josh0099]

I glanced through this thread and saw some people saying something about $250,000 or something like that.

The tax went up by 2%. (Or rather, the 2% cut expired.)

However, social security taxes are only on the first $113,700 in 2013.
http://www.ssa.gov/planners/maxtax.htm

2% of that is $2274. So, you'll pay $2274 more than in 2012 at the most. Well, that's not quite right, since in 2012, it was only the first $110,100 - so, 2% of the additional $2,600 is $52. Making $2326 the maximum that your take-home could have been reduced for this year.

Even if the OP was paid only monthly, that's still less than $200 for the entire month.
That is, it's reduced by $193.83 if paid monthly, or $96.92 if paid bimonthly, or $89.46 if bi-weekly, or $44.73 if weekly. So, "couple hundred bucks less" - No. (though close, and only if he's paid monthly, which is pretty uncommon.)

In other words, *cough* shenanigans *cough*


I'm not an expert on taxes, so I may have made a mistake (though, my arithmetic is most likely just fine.)

Manly correct the way I see it but it's also paid on your 1st earnings up to the max of 113,700. Therefore if you make more then that it's dropped off after you make more... So if you make 227, 400 a year you would pay your total social security taxes in 6 months and not over the entire year... So you figures aren't correct for max that can be pulled out of the paycheck...Not saying shens isn't likely here but there is a possibility that there is some truth if he is truly a high earner...

 

[Chris A]

Why make any tax cut or raise temporary. Even the bush tax cuts should have been permanent. That way any cuts or increases are borne by person or group that did them.

I think they jerk every one around when these things come up as they expire. We were jerked around too many times over the bush cuts expiring and extensions.

 

[Engineer]

I glanced through this thread and saw some people saying something about $250,000 or something like that.

The tax went up by 2%. (Or rather, the 2% cut expired.)

However, social security taxes are only on the first $113,700 in 2013.
http://www.ssa.gov/planners/maxtax.htm

2% of that is $2274. So, you'll pay $2274 more than in 2012 at the most. Well, that's not quite right, since in 2012, it was only the first $110,100 - so, 2% of the additional $2,600 is $52. Making $2326 the maximum that your take-home could have been reduced for this year.

Even if the OP was paid only monthly, that's still less than $200 for the entire month.
That is, it's reduced by $193.83 if paid monthly, or $96.92 if paid bimonthly, or $89.46 if bi-weekly, or $44.73 if weekly. So, "couple hundred bucks less" - No. (though close, and only if he's paid monthly, which is pretty uncommon.)

In other words, *cough* shenanigans *cough*


I'm not an expert on taxes, so I may have made a mistake (though, my arithmetic is most likely just fine.)

At first, I thought the same way. However, a pretty high earner, who had SS drop off somewhere around midway in 2012, would have indeed seen a large increase in SS at the first of the year (compared to the end of the year when they were paying ZERO% SS). However, the increase would have been 2/3's+ from the original 4.2% that had dropped off last year at some point PLUS 1/3- from the 2% that was added back in this year as the cuts expired (in other words, misleading in implying that the 2% was responsible for such a large raise when in fact it was the entire 6.2% being picked back up instead of just showing a 2% increase). Otherwise, they are lying.

 

[Jadow]

my 2 week check went down about 90 bucks. raise I get in March should cover that. Seems like my last 4 years of raises just keep just go to healthcare and higher tax, I'm not feeling any richer although my gross is 10k more than it was 4 years ago.

 

[Engineer]

my 2 week check went down about 90 bucks. raise I get in March should cover that. Seems like my last 4 years of raises just keep just go to healthcare and higher tax, I'm not feeling any richer although my gross is 10k more than it was 4 years ago.

Unless you're a high earner, your tax rates are the same (marginal) as they were 4 years ago. If you're getting 10k more, you should have substantially more unless your healthcare premiums are through the roof.