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Started By
Message
Well I just noticed on my online banking / payroll tax increase
Posted on 1/11/13 at 3:13 pm
Posted on 1/11/13 at 3:13 pm
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
Helluva way to start new year... fricking awesome.
6k less a year in our pockets.
Middle class
This post was edited on 1/11/13 at 3:14 pm
Posted on 1/11/13 at 3:30 pm to TIGRLEE
Did you celebrate last year when those same taxes went down?
Posted on 1/11/13 at 3:33 pm to LSURussian
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?
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 1/11/13 at 3:35 pm
Posted on 1/11/13 at 3:36 pm to TIGRLEE
Hmmm. On the plus said you make $300k?
Posted on 1/11/13 at 3:54 pm to TIGRLEE
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?
Posted on 1/11/13 at 3:57 pm to TigerintheNO
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.
Posted on 1/11/13 at 4:16 pm to TigerintheNO
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.
Posted on 1/11/13 at 4:50 pm to JonTheTigerFan
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.
Posted on 1/11/13 at 5:08 pm to TIGRLEE
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.
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 1/11/13 at 5:10 pm
Posted on 1/11/13 at 5:37 pm to LSURussian
quote:
Did you celebrate last year when those same taxes went down?
This being where everyone's logic tends to fail...
Posted on 1/11/13 at 5:48 pm to lynxcat
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...
Same for Medi-care.
Do any of you people understand?
I wonder...
Posted on 1/11/13 at 5:56 pm to TIGRLEE
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.
Time to start watching the spending, I was rolling there for while.
Posted on 1/11/13 at 6:20 pm to StrangeBrew
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 1/11/13 at 6:23 pm
Posted on 1/11/13 at 6:58 pm to TIGRLEE
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.
Of course, that assumes all will be well then, but that's another topic.
Posted on 1/11/13 at 7:00 pm to TIGRLEE
quote:
TIGERLEE
I thought you were a farmer?
Posted on 1/11/13 at 7:51 pm to TigerintheNO
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%
Posted on 1/11/13 at 8:12 pm to RetiredG8tr
FIFY
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.
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.
Posted on 1/11/13 at 8:24 pm to schexyoung
The term you're looking for is "ponzi scheme" not "pyramid scheme."
A pyramid scheme is totally different.
A pyramid scheme is totally different.
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