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2023 Paycheck obliteration.
Posted on 1/29/23 at 8:28 am
Posted on 1/29/23 at 8:28 am
My paychecks are down $500 each period so far in 2023. Looks like it’s all in Social Security and Medicare.
Is that legit or do I need to check with payroll?
Will I max out contribution at some point in the year and should my paycheck go back up to what it was at the end of 2022?
Serious kick in the nuts so far and is all but cancelling out the raise I got in Q3.
Is that legit or do I need to check with payroll?
Will I max out contribution at some point in the year and should my paycheck go back up to what it was at the end of 2022?
Serious kick in the nuts so far and is all but cancelling out the raise I got in Q3.
5
Posted on 1/29/23 at 8:39 am to STLhog
quote:
Will I max out contribution at some point in the year and should my paycheck go back up to what it was at the end of 2022?
That's my guess.
You are comparing January to December.
Posted on 1/29/23 at 9:33 am to STLhog
Neither percentage has changed for 2023. My check is no different
Posted on 1/29/23 at 9:38 am to STLhog
Subtle I make more than SS max income thread.
Your SS tax is 6.20% up to a certain max, once you hit that max you are no longer taxed for SS in that calendar year.
Your SS tax is 6.20% up to a certain max, once you hit that max you are no longer taxed for SS in that calendar year.
Posted on 1/29/23 at 10:09 am to GulfCoastPoke
I’ve done decent being a corporate sellout. I don’t make anything and don’t really have a craft.
Still have a lot of student loan debt, live in a very expensive city and need to save a lot more.
Nothing to brag about. Thanks for the help, the 6.2% makes sense and why my check jumped quite a bit at end of the year after my bump and again after that.
Still have a lot of student loan debt, live in a very expensive city and need to save a lot more.
Nothing to brag about. Thanks for the help, the 6.2% makes sense and why my check jumped quite a bit at end of the year after my bump and again after that.
This post was edited on 1/29/23 at 10:14 am
Posted on 1/29/23 at 10:16 am to STLhog
6.2% up to $160,200 or $9,932 max per year
Medicare is 1.45% with no income cap plus 0.9% for income > $250,000 (file married/jointly) for ACA.
Two triggers of change in “take home pay” thru year
Medicare is 1.45% with no income cap plus 0.9% for income > $250,000 (file married/jointly) for ACA.
Two triggers of change in “take home pay” thru year
Posted on 1/29/23 at 11:36 am to STLhog
quote:
Will I max out contribution at some point in the year and should my paycheck go back up to what it was at the end of 2022?
Yes
Posted on 1/29/23 at 1:36 pm to Turf Taint
Mine maxed at 9,114. Honestly something I never paid attention to until I read your comment. Sad I’m just programmed to not even pay attention to what they take in taxes bc I can’t do shite about it. But now makes sense as to why my checks were more end of 22. Thanks for that info.
Posted on 1/30/23 at 8:12 am to LetzGeaux
It’s FICA, in 2022 once your pay went above 147k they quit withholding it. in 2023 that amount is up to 160k. In 2012 it was only on the first 108k. It’s basically a cooked in tax increase.
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