Skip to comments.Reuters Wants to Know How You Are Dealing With Payroll Tax Hike
Posted on 01/11/2013 8:19:51 AM PST by kristinn
Paycheck looking lighter? How are you adjusting spending after the payroll tax-hike? Contact firstname.lastname@example.org or @langejason
clipping more coupons. someone has to pay for the president’s 4 million dollar golf vacations.
Actually, there should have never been a “payroll tax cut”, so the “payroll tax hike” is not a bad thing (given the premise that Social Security is here to stay for the next few years, anyway). The “payroll tax cut” was simply a move by 0bama to look like he was cutting everyone’s taxes.
I am no longer sending money directly to Barack Obama to help him defray the expenses of those frequent Hawaii vacations.
co workers increasing the dependents on their ww2’s....
Spending less on trivialities and more on ammunition and other staples.
Obama voters whining about their paychecks on Twitter:
I’ll be cutting back on my 401K (or maybe eliminate) contributions.
As I see it, our 401K’s will be the likely next target in the coming year(s). What is the penalty of early withdrawal of the entire 401K?
I might as well get something then nothing later on.
Lost about $150 every two weeks. Not amused.
My family is cutting back on spending in the private sector because more of our dollars are being forcibly taken by the public sector.
As others do the same, the private sector, from whom the dollars are extracted by the public sector, will shrink. The public sector will receive fewer and fewer dollars to consume.
It is the very simple equation seen most clearly in the host-parasite relationship. Eventually, both the host and the parasite die.
“It was never yours to begin with. Just be thankful you’re allowed to keep what we let you keep.” - Lord Barry
Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a two percentage point payroll tax cut for employees, reducing their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid.
So the Social Security Tax withholding rate returns to the 6.2% which was reduced by 2% for two years during 2011-2012.
Same here...I will probably have to decrease my 401k deferral.
The way I look at it I simply never got that raise last July. Also, for some reason my federal and state withholding went down.
“How are you adjusting spending after the payroll tax-hike?”
spending and saving less
Obama voters? Paychecks? Bless your heart.
I believe it's 10% plus the whole withdrawal is treated as regular taxable income, at your current marginal rate. If your entire withdraw was within the 15% bracket, for example, the total hit would be 25%.
I clicked on a random picture of one of the paycheck complainers.
A narcissistic Obama voter, who now wonders why he has less money.
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