Sooo... How much has your take home net pay decreased this year?

[TK421 2]

Here is the thing... it should be 2% decrease on less than 110k.... HOWEVER....

 

Your employer likely did not have enough time to know.... so they assumed we were going to lapse and go back to old rates, as such, they likely over estimated the amount to withhold, however that should correct.

 

For most people, it should only be a 2% cut in paycheck, from the expiration of the payroll holiday in SS tax.

 

Any other increases, such as medical insurance, etc... would come at the time your company does open enrollment and renewals.

 

This^^^ I was just reading up on the details.

 

The “payroll tax cut holiday” is over. This means that your Social Security (payroll) taxes will revert to 6.2% versus 4.2%. For individuals earning less than $400,000 and married filing jointly less than $450,000, your marginal tax rates will stay the same as they have been over the last few years (Bush-level).

 

Chances are the payroll systems were not re-adjusted back to the Bush rates in time.

[9X19 125]

I will have to stop flying to Hawaii with the inlaws on the taxpayer tit every chance I get!!!

Who would ever be so irresponsible to do that?? wink....

[TOMP40 0]

I got paid today. So with the 2% fica and my health insurance increase it was about $70 less take home. I get paid every 2 weeks so that works out to about $152 less per month.. Im estimating the fica portion as $120 a month.

[Springfield1911 22]

You folks do realize this was a tax holiday from a few years back. This is not an increase. It's the same rate it has always been except they gave us a break for a couple of years and now its over.

[A-Tech 8]

You folks do realize this was a tax holiday from a few years back. This is not an increase. It's the same rate it has always been except they gave us a break for a couple of years and now its over.

 

Yes,. The problem is that everyone adjust their standard of living to those measurements because the economy only got worse. Now, the economy it's still going down, and the tax rate technically, went up.

[Springfield1911 22]

Yes,. The problem is that everyone adjust their standard of living to those measurements because the economy only got worse. Now, the economy it's still going down, and the tax rate technically, went up.

 

No the problem is that everyone "forgets". Most people spend their raise before they even get it for the year. The FICA tax rate has been the same since 1990.

[NJSigfan 218]

 

 

No the problem is that everyone "forgets". Most people spend their raise before they even get it for the year. The FICA tax rate has been the same since 1990.

 

That is correct, BUT it still less than we took home last year. For me it's about 84 bucks per week include the restart of SUI. That does not include the increase in medical benefits and the nice capital gains tax I'll get hit with later this quarter...in short it may have been a holiday but in in reality it will still be less than I took home in the 1st half of 2012

[NJKen 23]

Cant wait to see how much less i make. Might have to buy fewer guns

Good! Maybee some of us will have a chance now!

 

On topic:

I am actually dong very well rite now and expect to see about a 20% raise this year. I own a business with my father and things are picking up to the point where I need to hire at least one more person. I have a part timer rite now that is filling in the gaps for me but things are picking up overall. My part timer may become a full timer and one new hire by the end of spring.

Ken

[djg0770 481]

You folks do realize this was a tax holiday from a few years back. This is not an increase. It's the same rate it has always been except they gave us a break for a couple of years and now its over.

 

Right, a "tax holiday". Guess I shoulda partied like it was 1999. Except during the "tax holiday" our property taxes went up, our wages stayed flat (if we were lucky) and our expenses went up. BOHICA.

[Qel Hoth 33]

You folks do realize this was a tax holiday from a few years back. This is not an increase. It's the same rate it has always been except they gave us a break for a couple of years and now its over.

 

I think you're using Corzine logic here. (I cut spending by 300m because it would have gone up by 600m but now it's only going up by 300m)

 

 

If the tax rate goes from 4% to 6% it increased by 2%, regardless of why it was 4%, why it went to 6%, or what kind of "holiday" there may or may not have been.

[JrzyGuy30 0]

 

 

Right, a "tax holiday". Guess I shoulda partied like it was 1999. Except during the "tax holiday" our property taxes went up, our wages stayed flat (if we were lucky) and our expenses went up. BOHICA.

 

Amen

[EENEZ 0]

SS when back to 6.4 as of 2013, definitely see a difference and the sad part is they aren't done yet, more taxes coming!