Ouch!!! The tax increase sucks

[Engineer]

Hmm I should try it I just don't know what to set it to.

Must be careful setting them too high. IIRC, if you owe more than $1,000 for 2 years in a row, you'll have to go on the quarterly pay system.

 

[drebo]

Between my wife and my paychecks, with increases in health care costs (we pay about $1.5k/mo for me+her+kid) and the increase in taxes, we'll see about $500 less per month in takehome.

That hurts.

 

[waterjug]

Between my wife and my paychecks, with increases in health care costs (we pay about $1.5k/mo for me+her+kid) and the increase in taxes, we'll see about $500 less per month in takehome.

That hurts.

6G/year? Ouch....that's like 2 vacations....or a decent chunk of a mortgage payment on a house.

 

[iamwiz82]

Hmm I should try it I just don't know what to set it to.

Use this: http://www.paycheckcity.com/calcula...C46924140DEA8D5DEE435FB0F01A94?execution=e1s1

 

[nickbits]

Between my wife and my paychecks, with increases in health care costs (we pay about $1.5k/mo for me+her+kid) and the increase in taxes, we'll see about $500 less per month in takehome.

That hurts.

I'm down almost $600/month. It sucks but it shouldn't affect me much.

UPDATE: I was wrong. The reason for the large difference is that I had max'd out social security on my last 2012 paycheck and no SS was taken off, but I am still down $171/month.

 

[Pantoot]

Must be careful setting them too high. IIRC, if you owe more than $1,000 for 2 years in a row, you'll have to go on the quarterly pay system.

I think there something else to it too. I have paid well in excess of $1,000 the last 3 years and I haven't been required to go quarterly.

Edit:

if you expect to owe $1,000 or more in taxes on top of any withholdings AND your total withholdings plus or tax credits are only 90% of the total tax you expect to pay at the end of the year

 

[Engineer]

I think there something else to it too. I have paid well in excess of $1,000 the last 3 years and I haven't been required to go quarterly.

Edit:

Yes, I knew that there might be something else. I went one year paying over $1,000 and was sent a letter by the IRS that if I did it again, I would have to pay quarterly.

 

[KIAman]

F you and the social security. Let me opt out of it and I'd be a happy camper. I willing to bet I could make 3 times as much as what I'm getting back on it.

I'm making an assumption on your age but I guarantee you won't see a single penny you put into SS when your turn comes.

Social "security" my ass.

 

[Jeffg010]

I'm making an assumption on your age but I guarantee you won't see a single penny you put into SS when your turn comes.

Social "security" my ass.

I'm 40 been preparing for not getting it. If I do get it it will be gravy for me.

 

[OutHouse]

Pretty much negated my 4% raise. Awesome.

I hear you brother. we have not had merit raises in 2 years and this year we will be getting them.


I was so pissed last night i send letters to my congressman and senator bitching. If they wanted to fuck any growth in our economy they just did.

assholes.

 

[skimple]

-----------------------------------------------------------------------------------------

The problem with the skimple contention is that its not simple as that. As the problem with US corporate tax rates is the in details, with far far far too many deductions to off set income. As huge and profitable US corporations like GE pay zero US taxes. As I recall then US tax code is 43,600 pages, and most of those pages is one corporate tax loophole after
another in a endless profusion. As we have the best tax code money can buy.

Well, my intention was to show that using taxes as a percentage of GDP as some sort of metric for comparing countries is meaningless. You can argue that my charts are just as meaningless, but at least measuring by income is a more accurate reflection of the tax burden on the people.

If you wanted a more realistic comparison, you would have to look at services received and what each country pays for them. In that case, for the US you would have to add out-of-pocket health care costs to the total tax bill to compare them to countries where health care is government funded.

For 2011, private health care costs for the US was estimated at $2.7T. So if you add that to the tax bill, as a percentage of GDP, the US jumps from 27% to about 40%.

Another way to look at it would be that taxes & health care came up to about $6.5T, or about $20K per person in the US. That would be the number to compare with other countries.

 

[KIAman]

The sad thing about our budget is that the increases are still not NEARLY enough to balance it.

 

[jupiter57]

F you and the social security. Let me opt out of it and I'd be a happy camper. I willing to bet I could make 3 times as much as what I'm getting back on it.

I used to say the same thing. You'll grow out of it eventually.....they always do (especially after paying into it for decades). I did.

Yeah, everyone's been telling my wife for years that she would never see a penny of SS, she worried a lot about that needlessly.
She turned 65 in Nov. '12, she now gets $1140.00 mo. from SS! (On top of the $550.00 mo. she was already getting from her dead husbands Police Pension.)
I fully expect to get my SS in 7.5 years when I turn 65.

You have to remember that all the Billions of dollars that had been "borrowed" from Social Security over the years did not simply disappear, it will have to be replaced at some point.

 

[AeroEngy]

Between the huge increase in health care costs (ours went up 35% plus they tacked on a big fee if your spouse has the option of getting insurance elsewhere), and the SS taxes going back to where they were (2%), it's a big hit to my paycheck. Enough to where my raise this year (assuming there is one) will not cover it, so essentially we'll earn less this year than we did last. That means adjustments to our budget, we'll be spending a lot less this year

Exactly the same situation for me.

 

[Brovane]

I'm making an assumption on your age but I guarantee you won't see a single penny you put into SS when your turn comes.

Social "security" my ass.

You know even worse case scenario SS has money to pay out 75% of benefits? So you will get something. It might not be as much as originally planned but you will be getting something from SS.

 

[Brovane]

I hear you brother. we have not had merit raises in 2 years and this year we will be getting them.


I was so pissed last night i send letters to my congressman and senator bitching. If they wanted to fuck any growth in our economy they just did.

assholes.

What where you complaining about? The fact that the temporary SS tax reduction wasn't permament?

 

[OutHouse]

What where you complaining about? The fact that the temporary SS tax reduction wasn't permament?

yup and the hit it took on my take home. i guess you are rich so you dont give a shit so you can sit back and point and laugh ant us grunts who work for a living.

 

[Insomniator]

The sad thing about our budget is that the increases are still not NEARLY enough to balance it.

How could they balance it, spending is continuing to increase!

Its a complete joke.

 

[child of wonder]

yup and the hit it took on my take home. i guess you are rich so you dont give a shit so you can sit back and point and laugh ant us grunts who work for a living.

Do you scream at the library when they ask for their books back, too?

 

[dave_the_nerd]

yup and the hit it took on my take home. i guess you are rich so you dont give a shit so you can sit back and point and laugh ant us grunts who work for a living.

"Lack of planning on your part does not constitute an emergency on my part."

Temporary means temporary. It's a much smaller hike than it could have been, and now it's permanent.

/grunt who works for a living.

 

[Todd33]

just downloaded my first earnings statement of the year that has the payroll tax increase and all its pretty light. I am going to have to adjust some things because per month its a significant chunk of change.

FUCK YOU CONGRESS! You bunch of rich fucktard slimeball losers!

Are you comparing the statement to a Dec one that was maced out? At some point in the year my wife asked if I got a raise because I hit the limit and my take home went up.

 

[vshah]

down $80 a month, kinda sucks.

 

[sze5003]

Are you comparing the statement to a Dec one that was maced out? At some point in the year my wife asked if I got a raise because I hit the limit and my take home went up.

My last December check was higher than the first check of the new year which includes the week of dec 21-Jan 6. That's when they went into effect including my raise. Unless they took out some extra crap from the first one I think that's how it will be until next year end.

 

[drebo]

Yes, I knew that there might be something else. I went one year paying over $1,000 and was sent a letter by the IRS that if I did it again, I would have to pay quarterly.

That's weird. I owed ~$3k both of the last two years and never saw anything.

 

[Todd33]

My last December check was higher than the first check of the new year which includes the week of dec 21-Jan 6. That's when they went into effect including my raise. Unless they took out some extra crap from the first one I think that's how it will be until next year end.

Ya, I just looked at mine. My SS tax is up over $100 a pay period. Such is life I guess.