Well I just noticed on my online banking / payroll tax increase | TigerDroppings.com
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TIGRLEE
LSU Fan
Northeast Louisiana
Member since Nov 2009
24461 posts

Well I just noticed on my online banking / payroll tax increase

between me and the wife almost $500 a month GONE.
Helluva way to start new year... fricking awesome.

6k less a year in our pockets.
Middle class
This post was edited on 1/11 at 3:14 pm



OnTheBrink
Alabama Fan
TN
Member since Mar 2012
4531 posts

re: Well I just noticed on my online banking / payroll tax increase


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LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: Well I just noticed on my online banking / payroll tax increase
Did you celebrate last year when those same taxes went down?


TIGRLEE
LSU Fan
Northeast Louisiana
Member since Nov 2009
24461 posts

re: Well I just noticed on my online banking / payroll tax increase
swapped jobs since then.
Dont care about last year.

But you are right russian, I should be happy about the fact that I have 6k less to spend on me and my family in 2013.
WTF am I thinking?

This post was edited on 1/11 at 3:35 pm


ATL TGR
LSU Fan
Houston
Member since Apr 2008
2878 posts

re: Well I just noticed on my online banking / payroll tax increase
Hmmm. On the plus said you make $300k?


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TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
24048 posts
Online

re: Well I just noticed on my online banking / payroll tax increase
quote:

payroll tax increase, 6k less a year in our pockets.


The payroll tax went up 2%, but isn't SS tax capped at around 110K?

So even if both you and your wife make over 110K individually, your tax increase couldn't be over $4500 for the year, right?


ironsides
LSU Fan
Nashville, TN
Member since May 2006
7209 posts

re: Well I just noticed on my online banking / payroll tax increase
quote:

The payroll tax went up 2%, but isn't SS tax capped at around 110K?

So even if both you and your wife make over 110K individually, your tax increase couldn't be over $4500 for the year, right?


There is so much hidden shite in the tax code. You guys have been lied to time and fricking time again and you just parrot the stuff NBC and CNN wants you to hear about their savior Obama.

They are capping deductions too. My taxes went up 20 fricking percent in combined additional taxes and capped deductions.


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JonTheTigerFan
LSU Fan
Central, LA
Member since Nov 2003
4878 posts

re: Well I just noticed on my online banking / payroll tax increase
quote:

The payroll tax went up 2%, but isn't SS tax capped at around 110K? So even if both you and your wife make over 110K individually, your tax increase couldn't be over $4500 for the year, right?


The cap went up to $113,700 and the withholding went up from 4.2% to 6.2%. The max you pay into SS increased to $7,049.40, a jump of $2,425.20.


TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
24048 posts
Online

re: Well I just noticed on my online banking / payroll tax increase
quote:

The max you pay into SS increased to $7,049.40, a jump of $2,425.20.


So the most a couple who have seen their payroll tax increase would be $4,850, that's assumming both make over $113,700.


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ynlvr
LSU Fan
Baton Rouge
Member since Feb 2009
1043 posts

re: Well I just noticed on my online banking / payroll tax increase
1) You can't opt out of SS.
2) The whole damn thing is already underwater.
3) Benefits weren't reduced when taxes were cut.

Same old shell game. People don't mind receiving the benefits but don't like to pay the cost. Forward!

This is Poli Board fodder.
This post was edited on 1/11 at 5:10 pm


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lynxcat
Rutgers Fan
Member since Jan 2008
14722 posts

re: Well I just noticed on my online banking / payroll tax increase
quote:

Did you celebrate last year when those same taxes went down?


This being where everyone's logic tends to fail...


RetiredG8tr
Florida Fan
Pensacola Fl 32503
Member since Nov 2012
44 posts

re: Well I just noticed on my online banking / payroll tax increase
THE Social Security with-holding is not a tax. It's an investment in a defined benefit plan.

Same for Medi-care.

Do any of you people understand?

I wonder...


StrangeBrew
LSU Fan
Salvation Army-Thanks Obama
Member since May 2009
14125 posts

re: Well I just noticed on my online banking / payroll tax increase
Now that SS withholdings have started again my take home is down 1200 from last check in December.
Time to start watching the spending, I was rolling there for while.


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
12883 posts
Online

re: Well I just noticed on my online banking / payroll tax increase
quote:

Now that SS withholdings have started again my take home is down 1200 from last check in December. Time to start watching the spending, I was rolling there for while.


What?

A) When did SS withholdings "stop"?
B) $1200 a pay just from that deduction would mean that you make $60,000 a pay period and I have no sympathy for you.
This post was edited on 1/11 at 6:23 pm


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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
31234 posts

re: Well I just noticed on my online banking / payroll tax increase
If it's any consolation, in theory you get it back when you start drawing Social Security. Plus your employer kicks in the amount for you.

Of course, that assumes all will be well then, but that's another topic.


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El Josey Wales
LSU Fan
Greater Geismar
Member since Nov 2007
22710 posts

re: Well I just noticed on my online banking / payroll tax increase
quote:

TIGERLEE


I thought you were a farmer?


TIGRLEE
LSU Fan
Northeast Louisiana
Member since Nov 2009
24461 posts

re: Well I just noticed on my online banking / payroll tax increase
Family is.


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MikeBRLA
LSU Fan
Baton Rouge
Member since Jun 2005
9606 posts

re: Well I just noticed on my online banking / payroll tax increase
quote:

The payroll tax went up 2%,


It went from 4.2 to 6.2 which is a 47% increase.

Don't let the fact that the "unit of measure" is % fool you. It went up 47%




schexyoung
LSU Fan
Deaf Valley
Member since May 2008
4529 posts

re: Well I just noticed on my online banking / payroll tax increase
FIFY

quote:

THE Social Security with-holding is not a tax. It's an investment in history's largest pyramid scheme.


Our government <sometimes> throws white-collar criminals in jail for running fraud schemes. However our government can do whatever the frick it likes.

A pyramid scheme starts by recruiting investors with an offer of guaranteed high returns (i.e., more than they invested). The earliest investors receive a return paid for by new recruits, but it isn’t a return on any real investment. From the day the scam starts, liabilities exceed assets. The only way it can continue is to get additional investors.

Like it or not, this describes Social Security. Current taxpayers will collect if workers continue making payments. Current taxes are being used to pay current recipients. Pyramid schemes collapse because they run out of investors. Social Security continues because the government forces people to participate. If people could opt out, the system would fail.

Part of what made Social Security work originally was that the retirement age was set higher than average life expectancy. Some people would pay into the system but never collect benefits. Since then, life expectancy has risen dramatically, but the retirement age has not.

If Social Security had to live by the rules applied to private retirement plans, it would be closed and the administrators would be in jail for fraud.




LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: Well I just noticed on my online banking / payroll tax increase
The term you're looking for is "ponzi scheme" not "pyramid scheme."

A pyramid scheme is totally different.


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