Posted on 01/30/2018 6:41:29 AM PST by MMaschin
I've really been curious as to how the new tax law would effect my take home pay. I really believe that this mid-term election is going to focus on the law.
I'm starting this thread to see what kind of effect the new tax law is having on people's actually take home pay. My last paycheck was net 2940, and my post tax bill check is 3093, that is an increase of $153, or 5%!
If everyone is getting these kinds of 'crumbs', I think the Democrats may be in a world of hurt come November.
So, for anyone OK with it, lets hear what kind of increase you have received, no need to post what you make, just the percentage effect. For anyone bad at math, simply take the difference, 153 in my case, and divide it by the old salary, 2943 in my case, and you will get the percentage increase .0519 in my case.
All I got was a rock
Bammy and the dems live to take as much money as possible from those who earn it and give it to those who vote democrat.
They hate this because it means less money to those favored minorities who whine and more to those who bust their a$$es and actually work for a living.
Make sure you all contribute to FR. Consider monthly and get rid of the freepathons
Great news. Thanks. I trust this will help people realize the demo_rats care nothing for them.
JoMa
I thought so too, but my payroll ck dated 1/19 had the rates updated. I am paid 2x a month and will benefit just over $100.00 per mo. I immediately upped my 401K contribution to offset the increase in pay. I'll never miss the increase, since it only happened once.
“$1800+ per year take home increase. Pretty substantial.”
Nice! My tax rate decrease translates into a $49.65 per paycheck increase (net), or $1,290.90 per year.
I will find out the effect on my wife’s net pay tomorrow.
WINNING!
The new rates went into effect January 1. It was estimated that we wouldn't see the effects of the cuts until February because it would take that long for the IRS to update their witholding charts. I believe companies are free to do the math themselves and adjust witholding accordingly but most will wait on the IRS.
Mine pays my cable bill. Hmmm. Maybe I’ll cut the chord.
To the rest of us, you know, the hicks, rubes and deplorables in flyover country, $1000 means a lot.
Mine was in the same range as yours (but we will keep it our little secret, wife doesn’t need to know...shhhh) :-)
I am a sole proprietor for now and am considering moving to an S Corp, based in Texas and incorporated in NV.
How does your business setup work?
“$800 per month in savings”
Serious coin! Part of that the 20% corridor?
1 - domicile of your corp is not as much an issue as you are probably being told, you then need to “domesticate” same wherever you are doing work. Consult a decent “transactional” lawyer for advice.
2 - depending on the state where the bulk of your revenue is earned, you maybe better off in a LLC electing tax treatment as a corp (C or S depending on tax advice and your long term plans), but again get a local transactional attorney to advise you and make sure your operating agreement conforms to your long term plans.
3 - sole prop - schedule C for tax purposes, is a very simple, powerful solution - BUT make sure your insurance infrastructure is fully vetted and ditto your contracts.
4 - welcome to the ranks of the small percentage of people who actually create jobs!
Our cable went up twice in as many months. Electric has doubled this month. Garbage went way up. I doubt whatever our paycheck is will come anywhere close to the increase in basic utilities.
My hairdresser works part-time, self-employed (69 yrs old), and his wife is retired. He said they figured their taxes under the new law, and expect to save $5,000 for this year in federal income taxes, compared to 2017 (all income being the same).
I know $5,000 is just crumbs for many people, but I would surely not mind having an extra $5,000 per year for spending or saving.
To clarify, $14,000 per year.
“I’ve decided to direct my increase into my 401k.”
very wise. I used to do that with salary raises, and was able to retire early.
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