2013 newly taxed paychecks

[420seriouscat69]

I've seen a few ppl on Facebook bitching about how much they've been taxed on their first paycheck for 2013. Has anyone got a paycheck yet? What should I expect?

[Domino]

Pretty sure the 2% payroll deduction that Obama and the Dems passed in 08 did not get renewed in the fiscal cliff deal. If true, for the average income earner of $55,000 it roughly translates to $720 a year.

Here's a more accurate summary:

 In the last few years (I'm not sure exactly when)(Dom: 2008) the tax rate on social security was lowered from 6.2% to 4.2%. This left an additional 2% in employee paychecks (and our own if we are on the payroll). If that tax deduction is not renewed by Dec. 31, we will all have to change our payroll tax rates on paychecks beginning Jan 2.

http://forums.jlconline.com/forums/showthread.php?61372-Change-in-payroll-taxes-deductions-for-2013

[420seriouscat69]

Yup. That's what I just heard. 2%. Sucks for the little guys. 

[Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!)]

 

Pretty sure the 2% payroll deduction that Obama and the Dems passed in 08 did not get renewed in the fiscal cliff deal. If true, for the average income earner of $55,000 it roughly translates to $720 a year.

Here's a more accurate summary:

 In the last few years (I'm not sure exactly when)(Dom: 2008) the tax rate on social security was lowered from 6.2% to 4.2%. This left an additional 2% in employee paychecks (and our own if we are on the payroll). If that tax deduction is not renewed by Dec. 31, we will all have to change our payroll tax rates on paychecks beginning Jan 2.

http://forums.jlconline.com/forums/showthread.php?61372-Change-in-payroll-taxes-deductions-for-2013

Obama wasn't pres in 08 you dumbfuck

[DQ12]

I've seen a few ppl on Facebook bitching...

fanning, your tweet and this thread were literally the only instances of anyone talking about the tax stuff on social media that i came across.

[star seed 7]

obviously you don't have the elite facebook friends that heath fanning does.

[420seriouscat69]

I've seen a few ppl on Facebook bitching...

fanning, your tweet and this thread were literally the only instances of anyone talking about the tax stuff on social media that i came across.

Kristin Muchowski
I just got my first 2013 paycheck... Thank you Mr President, please use the extra money youre taking from me wisely.
Like ·  · 44 minutes ago near Lees Summit ·
16 people like this.

Scott Davis What???
32 minutes ago via mobile · Like

Scott Davis You must be raking in the big bucks over 250k a year!
31 minutes ago via mobile · Like

Scott Davis Just kidding. Mine went up too.
31 minutes ago via mobile · Like

Mary Kunkel i think it's 2% .. right?
23 minutes ago · Like

Kristin Muchowski I wish I was hitting those triple digits Scott!
20 minutes ago via mobile · Like · 1

Scott Davis I thought he was only taxing the rich?
19 minutes ago via mobile · Like

Kristin Muchowski Apparently I'm "rich".
18 minutes ago via mobile · Like

Scott Davis Yeah no kidding.
17 minutes ago via mobile · Like

Mary Kunkel apparently people were only hearing what they wanted to hear when everyone was bashing the Republican party for their efforts NOT to raise taxes ...
17 minutes ago · Like · 1

Dustin Martin Nooooo shittttt, right.

[420seriouscat69]

For the record, I'm not trying to get into a political battle. I just don't know the facts on this.

[Institutional Control]

I'll bet Mary is hot.

[star seed 7]

those people sound dumb as eff.  no offense fanning.

[kim carnes]

For the record, I'm not trying to get into a political battle. I just don't know the facts on this.

shocking

[420seriouscat69]

For the record, I'm not trying to get into a political battle. I just don't know the facts on this.

shocking

You wanna break it down, Carnes?

[420seriouscat69]

those people sound dumb as eff.  no offense fanning.

None taken.

[420seriouscat69]

For the record, I'm not trying to get into a political battle. I just don't know the facts on this.

shocking

You wanna break it down, Carnes?

Shocking. Carnes with no comment.

[Rage Against the McKee]

The payroll tax holiday going away does suck for the poor, but assuming they have no retirement plan, that tax goes to social security, something they are going to depend on. The standard deduction in Kansas was doubled this year, so I wouldn't be surprised if net taxes are unchanged or even lower for low wage earners in Kansas this year.

[ben ji]

Does K-State Grad actually actually think they are going to get SS?

I'm just going on the assumption that SS will be so broke by the time I retire anyone who is  wont get any.

I'd love to be wrong though.

[Rage Against the McKee]

Does K-State Grad actually actually think they are going to get SS?

I'm just going on the assumption that SS will be so broke by the time I retire anyone who is  wont get any.

I'd love to be wrong though.

I think it will stick around in some form, but I'm definitely not counting on it.

[Emo EMAW]

Does K-State Grad actually actually think they are going to get SS?

I'm just going on the assumption that SS will be so broke by the time I retire anyone who is  wont get any.

I'd love to be wrong though.

The people that say it will be "unfunded" or "broke" or whatever are extremely pessimistic, IMO.  The economy would have to grow slower than something like 1.2% a year over our working lifetimes for that to happen--not likely.

Not saying it will be there in it's current form, just that it going broke isn't likely at all.

[eastcat]

The payroll tax holiday going away does suck for the poor, but assuming they have no retirement plan, that tax goes to social security, something they are going to depend on. The standard deduction in Kansas was doubled this year, so I wouldn't be surprised if net taxes are unchanged or even lower for low wage earners in Kansas this year.

The state working overtime to save our ass just hides the problem.

[Rage Against the McKee]

The payroll tax holiday going away does suck for the poor, but assuming they have no retirement plan, that tax goes to social security, something they are going to depend on. The standard deduction in Kansas was doubled this year, so I wouldn't be surprised if net taxes are unchanged or even lower for low wage earners in Kansas this year.

The state working overtime to save our ass just hides the problem.

I wouldn't say they are working overtime. They would have to raise taxes if that were the case.

[Shacks]

Does K-State Grad actually actually think they are going to get SS?

I'm just going on the assumption that SS will be so broke by the time I retire anyone who is  wont get any.

I'd love to be wrong though.

I think it will stick around in some form, but I'm definitely not counting on it.

You know what would fix SS?  Putting 100% of every Congressman's salary directly into the SS fund until all the money that Congress stole from SS is replaced, followed by legislation making it impossible for any SS money to be used by politicians again.  If money had never been stolen from the SS fund, it would be solvent without having to cut benefits or raise taxes.

Unfortunately, you know our politicians will just let it drag on and on and on until the crap hits the fan.

[06wildcat]

Social Security, with a dedicated funding source can not "go broke". The absolute worst that will happen is it defaults on it's promised benefits. That means you're looking at a worst-case scenario of SS payments equaling about 75 percent of promised benefits in about 20 years (the height of Baby Boomers) if nothing is done.

If I were king, chained CPI would be used to calculate SS colas, the cap on earnings would be removed with the overall rate lowered and SS taxes would be deductible. That's just to start. There would probably be some across the board cuts immediately as well.

Nothing pisses me off more than hearing stories about people who spent decades working in the country with the greatest wealth expansion in the world's history pissing and moaning about how their Social Security just isn't enough to live on.

[ednksu]

by the way they aren't newly taxed

[420seriouscat69]

by the way they aren't newly taxed

Well, excuuuuuuuuuuse me.

[8manpick]

Just accepted my first job out of college, can't wait to see the huge amounts of money taken out of my paychecks!