Paycheck Size

[electronman1729]

Well today was payday for us at my company. Paycheck already smaller.

[ray1970]

I'll make up the difference this year with extra overtime. Plus, I should be getting a raise just big enough to cover it.

[Kraven251]

Payday is tomorrow, just can't wait to see what the hit is ...I am twitterpated.

[hollohas]

But only the rich are going to pay more...?

[ray1970]

But only the rich are going to pay more...?

Ha. Two percent payroll tax increase for everyone my friend.

[Pancho Villa]

Double that for me, I'm self employed. Very irritating.

[Sawin]

I'm paid the 15th and 30th of each month, so it'll be a couple weeks for me, but it looks like I'll be pretty close to break-even. I'm sure my raise is practically all going to the 2% raise in payroll taxes.

[Ronin13]

Hence why I'm getting a 2nd job as a firearms instructor... This is ridiculous... raising taxes on people who pay 50% of all taxes? Hell, raising taxes period! Tell me again how this is going to help the economy?

[cfortune]

I'm paid the 15th and 30th of each month, so it'll be a couple weeks for me, but it looks like I'll be pretty close to break-even. I'm sure my raise is practically all going to the 2% raise in payroll taxes.


I'm in the same boat for a pay schedule. Curious to see how bad it is on the 15th. My math shows me missing out on about 120 a month.

[Zundfolge]

Ha. Two percent payroll tax increase for everyone my friend.

I thought that wasn't until March.

[NMB2]

Hence why I'm getting a 2nd job as a firearms instructor... This is ridiculous... raising taxes on people who pay 50% of all taxes? Hell, raising taxes period! Tell me again how this is going to help the economy?

because it helps pay for frivolous .gov spending.

getting rid of .gov spending is not on the table.... so they increase our taxes.

[Rooskibar03]

Payday for us is tomorrow. I cranked my exemptions up to 10 before the end of the year in case we went all the way over the cliff. Looks like roughly 2 Benjamin's a month for me. Plus our contributions to Heathcare went up.

Its almost time to quit and get me an Obamaphone.

[Dave_L]

Yup, 2% less on my check as of today. :(

[hollohas]

Even though all Americans will see their paychecks get smaller, they will still believe the politicians when they say they didn't raise taxes on the middle class. Crazy.

[aaron734]

From the Tax Book:

Fiscal Cliff News
Last-Minute Fiscal Cliff Deal

Although the country technically went off the fiscal cliff at midnight on December 31,
2012, several hours later Congress and the President reached agreements that resolved
many of the most pressing tax issues, including extender legislation for 2012 and tax rate
provisions for 2013 and beyond.

The following is a summary of legislation contained in HR 8, the American Taxpayer Relief
Act of 2012, as passed by the Senate and the House of Representatives on January 1, 2013.
We will provide a detailed analysis of the legislation for our customers at no charge,
which will be available on our website Monday, January 7. We will also provide page up-
dates to TheTaxBook resulting from the new legislation. We will notify our customers via
email when the analysis is available.

Tax Rates

Income tax rates made permanent. For 2013 and beyond, the top individual income tax
bracket will increase from 35% to 39.6% for taxpayers with taxable income of $400,000 or
more ($450,000 or more Married Filing Jointly). Taxpayers with income below the thresholds
will not see an increase in tax rates.

Capital gain rates. Beginning in 2013, the maximum capital gains tax will increase from
15% to 20% for taxpayers with taxable income of $400,000 or more ($450,000 or more Mar-
ried Filing Jointly).

Payroll tax holiday. The 2% reduction in Social Security tax for employees and self-
employed individuals expired at the end of 2012 and will not be extended for 2013. An
employee’s Social Security portion of FICA will increase from 4.2% to 6.2%, with a cor-
responding increase in self-employment tax.

Employer withholding. On December 31, 2012, the IRS issued guidance on withhold-
ing, assuming expiration of the 2001 and 2003 tax rates and subsequent tax rate increases
at all income levels. The IRS instructed employers to begin using the new withholding
rates as soon as possible, but no later than February 15, 2013. Since this guidance was
issued before the new law, the IRS is expected to quickly release new withholding tables
to reflect the changes in tax rates.

Other taxes. The taxes contained in the new legislation are in addition to the 0.9% in-
crease in Medicare tax on earned income and the 3.8% increase in Medicare tax for un-
earned income for taxpayers with earned/unearned income in excess of $250,000 (MFJ),
$125,000 (MFS), and $200,000 (any other filing status) that were implemented as part of
the Affordable Care Act of 2010.

Alternative Minimum Tax (AMT)

The AMT “patch” is applied retroactively to January 1, 2012, and made permanent. For
2012, the AMT exemption amounts will be $50,600 for individuals and $78,750 for married
couples. The bill also allows nonrefundable personal credits to offset AMT.
Extenders

Child Tax Credit.

The $1,000 amount for each child for the Child Tax Credit has been
extended permanently.

Earned Income Credit.

The enhanced Earned Income Credit amounts have been ex-
tended for five years.

American Opportunity Credit.

The partially-refundable American Opportunity Credit
has been extended for five years.

State and local general sales taxes.

The deduction on Schedule A, Form 1040, for state
and local general sales taxes has been extended through 2013.
Educator expenses. The adjustment to income for educator expenses for primary and
secondary teachers has been extended through 2013.

Qualified principal residence indebtedness.

The exclusion from income for qualified
principal residence indebtedness has been extended through 2013.

Mortgage insurance premiums.

The deduction for mortgage insurance premiums as
mortgage interest on Schedule A, Form 1040, has been extended through 2013.
Tuition and fees. The adjustment to income for tuition and fees has been extended
through 2013.

Charitable distribution of IRAs.

The provision allowing tax-free distributions from
IRAs for charitable purposes has been extended through 2013.

AGI Phaseouts.

Phaseout on itemized deductions. Beginning in 2013, itemized deductions will begin
to phase out for taxpayers with AGI of $250,000 or more Single, $275,000 or more Head of
Household, or $300,000 or more Married Filing Jointly.

Phaseout of personal exemptions.

Beginning in 2013, personal exemptions will begin
to phase out for taxpayers with AGI of $250,000 or more Single, $275,000 or more Head of
Household, or $300,000 or more Married Filing Jointly.

Estate Tax.

Beginning in 2013, the estate tax rate will increase from 35% to 40% for estates that exceed
$5 million in value.

Energy Tax Extenders

A variety of energy tax credits have been extended for energy-efficient homes, alternative
fuel vehicle refueling property, and energy-efficient appliances.

Marriage Penalty

In 2001, legislation enacted marriage penalty relief to avoid a higher tax bill for a married
couple as compared to two single individuals. As evidenced by the $400,000/$450,000 in-
come thresholds for increased tax rates and standard deduction, the provisions for mar-
riage penalty relief expired beginning in 2013.

Unemployment Compensation

The temporary extension for unemployment benefits has been extended for one year.

Sequestration

The mandated sequestration spending cuts that were scheduled to take effect at the end
of 2012 were delayed for two months by the new legislation.

[Goodburbon]

I was surprised when obama allowed us the payroll tax cut. I am not surprised to see him take it back.

[electronman1729]

Funny now, Well not really

I will be making less money this year than last year.

[DavieD55]

That "tax the rich" BS is for everyone, we're all considered rich, as opposed to people from Kenya. I can't wait until this comes back on all the people who voted for all this.

[lex137]

I get paid once a week. We just got done on a big push job, was working 6-10. So my checks will be a lot smaller now that I'm back to 4-10!!!

[Bowtie]

I had no idea we had so many 1%ers on this board.[Flower] See you all at the yacht club. FBHO

[MarkCO]

Just saw my numbers from the payroll processing...Ouch! The crunch on my small business is rather large! The "financial incentive" to work hard to "get ahead" is gone.

[ray1970]

I upped my 401k contribution amount too. Since that is pre-tax it will lower my taxable income. In the long run their 2% increase on me will probably end up netting them less taxes from me.

[MarkCO]

I upped my 401k contribution amount too. Since that is pre-tax it will lower my taxable income. In the long run their 2% increase on me will probably end up netting them less taxes from me.

But soon, very soon, the tax exemption on health insurance premiums goe bye-bye, and then when there is not enough money to buy more Obamaphones, they will come after your 401K too. I just think your silver lining is actually just darkening clouds.

[KevDen2005]

But only the rich are going to pay more...?

According to liberals we are all rich.

[Danimal]

That "tax the rich" BS is for everyone, we're all considered rich, as opposed to people from Kenya. I can't wait until this comes back on all the people who voted for all this.

It wont hit illegal immigrants, people on well-fare or perpetual unemployment so you will get very little satisfaction hoping that it will hit the wonderful group of ass hats that made this all possible.

My check was a nice bit smaller than last month, add to that no raise for the last five years and I am hoping that I can financilally make it through next year. Oh well fuck it, if you can't beat 'em join 'em I guess.

[Ashton]

So I can't eat a steak and have drinks at a restaurant one time during the month. I'm ok with that.

[NightCat]

Payroll sent us all e-mails saying Social Security is going to go up another 2.2% from last year...Im so stoked to see my check tomorrow >_<

[roberth]

I see the hit but I was expecting the reduction to go away anyway, does not change the fact that I do not like paying for something I'll never see.


Payroll tax holiday. The 2% reduction in Social Security tax for employees and self-
employed individuals expired at the end of 2012 and will not be extended for 2013. An
employee’s Social Security portion of FICA will increase from 4.2% to 6.2%, with a cor-
responding increase in self-employment tax.

The Fed is going to need more money, they are going to start looking at (if they haven't already started) our investments as taxable vehicles and it won't matter if the vehicle is pre-tax or post tax. The Fed will assess a value on our 401K or whatever and send us a bill. If a person cannot pay their tax bill I imagine the Fed will tell Wall Street to deduct the amount owed directly from our 401K or whatever and send it in. I wouldn't put it past them to repo houses and cars, their spending is voracious and they'll stop at nothing to get what they think they're owed.

Work harder, millions on welfare and 27+ weeks of unemployment are depending on you for their cell phones, utilities, section 8 housing, food stamps (EBT), big screen tv, steak dinners, crack, hookers, meth, weed, etc.

[ray1970]

So I can't eat a steak and have drinks at a restaurant one time during the month. I'm ok with that.

I don't mean this to sound disrespectful... But are you retarded?

How is giving up more of your hard earned money OK with you?

[RCCrawler]

So is this just social security? I don't pay into social security...

[cfortune]

I don't mean this to sound disrespectful... But are you retarded?

How is giving up more of your hard earned money OK with you?


I was thinking the same.

[blacklabel]

I don't mean this to sound disrespectful... But are you retarded?

How is giving up more of your hard earned money OK with you?

This.

[Ashton]

I don't mean this to sound disrespectful... But are you retarded?

How is giving up more of your hard earned money OK with you?

We didn't have the payroll cut "before" and the fact that it was taken away isn't a surprise... I'm surprised we had it for the time that we did.

[JMBD2112]

WHAT? why would you want to give up anything you work for? I'm pretty sure I'm speaking for alot of people here, I bust my ass to provide for my family, so does my wife, and I don't think it's in any way ok that i'm losing an extra couple hundred dollars a month of income between the two of us.

[Ashton]

WHAT? why would you want to give up anything you work for? I'm pretty sure I'm speaking for alot of people here, I bust my ass to provide for my family, so does my wife, and I don't think it's in any way ok that i'm losing an extra couple hundred dollars a month of income between the two of us.

I don't want to give up anything and if I didn't have to? I wouldn't. You're not entitled to the payroll tax credit... It was something given to help out. It hasn't "ALWAYS" been there...

[Great-Kazoo]

Yet NYNCO is conspicuously missing from threads like these. Must be doing one hell of a job converting his anti gun friends over.............................................. ........................... the rainbow!

[blacklabel]

I don't want to give up anything and if I didn't have to? I wouldn't. You're not entitled to the payroll tax credit... It was something given to help out. It hasn't "ALWAYS" been there...

And that justifies how much we're taxed in the first place?

[trlcavscout]

So 2.2% tax increase, ok.

I heard healthcare is now post tax instead of pre tax? Anyone see that? I dont get paid for another week to find out.

[Sharpienads]

Tax Freedom Day was on April 7 last year. That's 107 days a year you work as a slave to the government. Assuming it stays the same (which it won't) and that you work from the age of 16 to 65 (that's 49 years), you devote 14.4 years (107 x 49 / 365) of your life working for the government.

That is immoral. That is fricken ridiculous.

http://taxfoundation.org/tax-topics/tax-freedom-day

[ray1970]

We didn't have the payroll cut "before" and the fact that it was taken away isn't a surprise... I'm surprised we had it for the time that we did.

I understand this and I agree with the facts of the situation.

I just think doing this to everyone in this economy of ours is a bad idea. There are people out there now who are living paycheck to paycheck as it is and now the people they have put into office are going to have them taking home less pay.

[Ashton]

I understand this and I agree with the facts of the situation.

I just think doing this to everyone in this economy of ours is a bad idea. There are people out there now who are living paycheck to paycheck as it is and now the people they have put into office are going to have them taking home less pay.

I know some are living paycheck to paycheck. It's unfortunate. I don't really have more to say then that... It's a shitty situation.

[DavieD55]

It wont hit illegal immigrants, people on well-fare or perpetual unemployment so you will get very little satisfaction hoping that it will hit the wonderful group of ass hats that made this all possible.

My check was a nice bit smaller than last month, add to that no raise for the last five years and I am hoping that I can financilally make it through next year. Oh well fuck it, if you can't beat 'em join 'em I guess.


I agree completely . What i meant was people who are legal hardworking productive members of society who are blindly supporting all this crap. Just wait until they start tapping 401ks, I think it will ignite another wave of screeming pissed off people.

[Gman]

If the government has their way, we'll all be living paycheck to paycheck.

Based on the outcome of the last election, apparently I'm supposed to want to sit at home on my ass getting an assistance check while I play on my Xbox while smoking pot.

[JMBD2112]

we pay more taxes for what? for obama's spending spree? regardless i'm tired of paying taxes that get us nowhere.

[roberth]

If the government has their way, we'll all be living paycheck to paycheck.

yea, on the government's paycheck.

You'll work, the gov will take 100% and dole your allowance back to you, you know because other people who don't work need stuff.

[wreave]

I got a job after being unemployed for three months! So excited for my paycheck I couldn't care less about the payroll tax.

[DavieD55]

Whats next seizing assets if you cant afford to pay.

[Sharpienads]

Whats next seizing assets if you cant afford to pay.

I'm pretty sure they already do this.

[Ashton]

I'm pretty sure they already do this.

This.

[roberth]

Whats next seizing assets if you cant afford to pay.

Yes, asset forfeiture and seizure. Baby momma needs a new car.

[DavieD55]

I know this is what they're after. Pay your taxes rich people or we will just come take your $h!t.

[Clint45]

After being unemployed for a few months I ended up taking a job that paid half as much with no benefits. Another 2% is no big deal.

[Ronin13]

If the government has their way, we'll all be living paycheck to paycheck.

Based on the outcome of the last election, apparently I'm supposed to want to sit at home on my ass getting an assistance check while I play on my Xbox while smoking pot.
[pick-me]Question! What if I want to earn my own money, and reward myself with Xbox after I'm done with work and chores? Oh and what if I don't like pot? Are you telling me I won't fit in with this "new" America? [facepalm]

[Cthulhu]

My protest is to cut WAY back on spending. Firearms and related would be excluded from that ;)

[Kraven251]

So I got the added bonus on my check today that I forgot about ...additional cost for health insurance, the contribution went up due to increased cost to the provider. What I expected to be about a $60 hit a paycheck turned into ~$150
[fyou]

[Ashton]

So I got the added bonus on my check today that I forgot about ...additional cost for health insurance, the contribution went up due to increased cost to the provider. What I expected to be about a $60 hit a paycheck turned into ~$150
[fyou]


That is crazy. I've always purchased my own health insurance even when the company I'm working for offers it and I only pay $158/mo

[Shootersfab]

That is crazy. I've always purchased my own health insurance even when the c

ompany I'm working for offers it and I only pay $158/mo

Try being type 1 diabetic, coming off congestive heart failure within the past year, and your only 26.....
Thats my position. Heath care wont even look at me.

Everyone is in a different boat man... we are not all the same

But I can tell you this...

You can tell your dad BO to shove his Ocare up his ass...

Never asked th gov for anything and never will

[Sharpienads]

Try being type 1 diabetic, coming off congestive heart failure within the past year, and your only 26.....
Thats my position. Heath care wont even look at me.

Everyone is in a different boat man... we are not all the same

But I can tell you this...

You can tell your dad BO to shove his Ocare up his ass...

Never asked th gov for anything and never will

My wife has type 1 diabeetish as well. Her sentiments are similar to yours, as are mine.

[Rooskibar03]

First paycheck of the year. I even bumped my exemptions and still got screwed.


FUCK ANYONE who voted that piece of shit president into office again. [Mad]


FUCK the republicans for caving on this crap and having nothing to show for it. [pileoshit]


Enjoy my SS tax ill NEVER see. How is that an entitlement? [Bang]


Seriously it's time to pack it in and live off the dole. Where don't get my Obamaphone?

[Caithford]

If the government has their way, we'll all be living paycheck to paycheck.

Based on the outcome of the last election, apparently I'm supposed to want to sit at home on my ass getting an assistance check while I play on my Xbox while smoking pot.

Actually, if that group in the government has their way, we won't get paychecks at all. Instead we'll be handed worthless vouchers for "everything you need."

[Caithford]

That is crazy. I've always purchased my own health insurance even when the company I'm working for offers it and I only pay $158/mo

You're incredibly lucky. I'm on a 80/20 plan through AEtna and I pay over $550 a month for myself and my wife. That went up over $100 last year when the insurance companies were told they would have to cap their increases, so they got their money while they could. That's over $1000 for the year. About a 25% increase.

[hollohas]

Instead we'll be handed worthless vouchers for "everything you need."

Isn't it sad that many people actually want that?

[Ashton]

Try being type 1 diabetic, coming off congestive heart failure within the past year, and your only 26.....
Thats my position. Heath care wont even look at me.



That does not sound like something I'd like to try... Does not sound fun at all.

[Ashton]

You're incredibly lucky. I'm on a 80/20 plan through AEtna and I pay over $550 a month for myself and my wife. That went up over $100 last year when the insurance companies were told they would have to cap their increases, so they got their money while they could. That's over $1000 for the year. About a 25% increase.

Not sure if the provider matters that much but I have blue cross blue shield granted it's just for me I have medical, dental, and vision for that $158/mo and that's even after they rated me up because I own a motorcycle...