Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Reuters Wants to Know How You Are Dealing With Payroll Tax Hike
Reuters via Twitter ^ | Friday, January 11, 2013

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 jason.lange@thomsonreuters.com or @langejason


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: payrolltax; socialsecurity
For those willing to take a chance, here's a chance to vent about the payroll tax hike.
1 posted on 01/11/2013 8:20:00 AM PST by kristinn
[ Post Reply | Private Reply | View Replies]

To: kristinn

clipping more coupons. someone has to pay for the president’s 4 million dollar golf vacations.


2 posted on 01/11/2013 8:30:09 AM PST by TurboZamboni (Looting the future to bribe the present)
[ Post Reply | Private Reply | To 1 | View Replies]

To: kristinn

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.


3 posted on 01/11/2013 8:31:10 AM PST by NEMDF
[ Post Reply | Private Reply | To 1 | View Replies]

To: kristinn

I am no longer sending money directly to Barack Obama to help him defray the expenses of those frequent Hawaii vacations.


4 posted on 01/11/2013 8:34:11 AM PST by Lazamataz (LAZ'S LAW: As an argument with liberals goes on, the probability of being called racist approaches 1)
[ Post Reply | Private Reply | To 1 | View Replies]

To: kristinn
Next Tuesday (the 15th) will be a fun day to taunt all the Obama voters who will be looking at their paychecks for the first time in 2013. Twitter will be one of the best sources of comedy on that day.

Today is payday for a lot of Obama voters, too. And there are some real comic gems on Twitter.

Brittany ‏@britbb 30 bucks less in my paycheck today. Thanks a lot, Obama. #fiscalcliff

peterepublic ‏@peterepublic My paycheck is missing a tank of gas this week. What gives Obama?

Caleb Randol ‏@CalebAndRandol #Obama you lied to me. You said taxes wouldn't go up. You promised. My paycheck disagrees. Thought you were for students. Not cool.

https://twitter.com/search/realtime?q=paycheck+obama&src=typd
5 posted on 01/11/2013 8:35:31 AM PST by jimbo123
[ Post Reply | Private Reply | To 1 | View Replies]

To: kristinn

co workers increasing the dependents on their ww2’s....


6 posted on 01/11/2013 8:36:08 AM PST by cherry
[ Post Reply | Private Reply | To 1 | View Replies]

To: kristinn

Spending less on trivialities and more on ammunition and other staples.


7 posted on 01/11/2013 8:39:55 AM PST by tbpiper
[ Post Reply | Private Reply | To 1 | View Replies]

To: All

Obama voters whining about their paychecks on Twitter:

https://twitter.com/search/realtime?q=paycheck+&src=typd


8 posted on 01/11/2013 8:42:35 AM PST by jimbo123
[ Post Reply | Private Reply | To 6 | View Replies]

To: kristinn

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.


9 posted on 01/11/2013 8:44:19 AM PST by CapnJack
[ Post Reply | Private Reply | To 1 | View Replies]

To: kristinn

Lost about $150 every two weeks. Not amused.


10 posted on 01/11/2013 8:45:08 AM PST by TheRhinelander
[ Post Reply | Private Reply | To 1 | View Replies]

To: kristinn
Basic economics: The FedGov produces nothing and only consumes. Dollars sent to the FedGov are spent with nothing to show for them. Dollars spent in the private sector produce goods and services, multiplying themselves many times.

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.

11 posted on 01/11/2013 8:49:23 AM PST by Dr. Thorne ("How long, O Lord, holy and true?" - Rev. 6:10)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TheRhinelander

“It was never yours to begin with. Just be thankful you’re allowed to keep what we let you keep.” - Lord Barry


12 posted on 01/11/2013 8:51:08 AM PST by TurboZamboni (Looting the future to bribe the present)
[ Post Reply | Private Reply | To 10 | View Replies]

To: kristinn

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.

http://www.irs.gov/uac/Payroll-Tax-Cut-to-Boost-Take-Home-Pay-for-Most-Workers%3B-New-Withholding-Details-Now-Available-on-IRS.gov

*********

So the Social Security Tax withholding rate returns to the 6.2% which was reduced by 2% for two years during 2011-2012.


13 posted on 01/11/2013 8:51:31 AM PST by deport
[ Post Reply | Private Reply | To 1 | View Replies]

To: kristinn
I WAS going to buy a new pickup, but not now. The money I budgeted for payments are now being taken from my pay check as taxes. I hope whom ever the obozo is giving my money to uses it wisely.
14 posted on 01/11/2013 8:54:40 AM PST by drypowder
[ Post Reply | Private Reply | To 1 | View Replies]

To: TheRhinelander

Same here...I will probably have to decrease my 401k deferral.


15 posted on 01/11/2013 8:54:57 AM PST by halo66
[ Post Reply | Private Reply | To 10 | View Replies]

To: halo66

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.


16 posted on 01/11/2013 8:56:47 AM PST by TheRhinelander
[ Post Reply | Private Reply | To 15 | View Replies]

To: kristinn

“How are you adjusting spending after the payroll tax-hike?”

spending and saving less

D’OH!


17 posted on 01/11/2013 9:00:19 AM PST by silverleaf (Age Takes a Toll: Please Have Exact Change)
[ Post Reply | Private Reply | To 1 | View Replies]

To: jimbo123
Next Tuesday (the 15th) will be a fun day to taunt all the Obama voters who will be looking at their paychecks for the first time in 2013.

Obama voters? Paychecks? Bless your heart.

.

.

.

.

.

.


18 posted on 01/11/2013 9:08:04 AM PST by Jeff Chandler (http://www.youtube.com/watch?v=tpAOwJvTOio)
[ Post Reply | Private Reply | To 5 | View Replies]

To: CapnJack
What is the penalty of early withdrawal of the entire 401K?

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%.

19 posted on 01/11/2013 9:11:16 AM PST by kevkrom (If a wise man has an argument with a foolish man, the fool only rages or laughs...)
[ Post Reply | Private Reply | To 9 | View Replies]

To: jimbo123
Those Tweets are hilarious.

I clicked on a random picture of one of the paycheck complainers.

A narcissistic Obama voter, who now wonders why he has less money.

20 posted on 01/11/2013 9:16:38 AM PST by SkyPilot
[ Post Reply | Private Reply | To 8 | View Replies]

To: NEMDF
Agreed.

There is NO payroll tax hike.
The SS payroll tax has been restored so that SS can go fback to pretending at solvency, unfortunately, you hear nothing about fixing Social Security itself or how much farther in the hole it's gone in the past two years.

21 posted on 01/11/2013 9:18:09 AM PST by norton
[ Post Reply | Private Reply | To 3 | View Replies]

To: kevkrom

10% penalty and 28% tax. Tax can either be paid off the bat or you can wait until end of year and put it on tax form as income.


22 posted on 01/11/2013 9:36:21 AM PST by EQAndyBuzz (Want freedom? Think WWRRD? Then do it.)
[ Post Reply | Private Reply | To 19 | View Replies]

To: kevkrom

If I had a 401K I would cash it ALL in now, no matter what the penalty, and buy as much low cost real estate (rental units especially) as you could get your hands on


23 posted on 01/11/2013 9:41:16 AM PST by Mr. K (There are lies, damned lies, statistics, and democrat talking points.)
[ Post Reply | Private Reply | To 19 | View Replies]

To: kristinn

I can’t tell; I got a promotion/raise on 12/16, so my check went up.


24 posted on 01/11/2013 9:42:20 AM PST by Spirit of Liberty (Time to go Galt!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: kristinn

cash


25 posted on 01/11/2013 9:49:02 AM PST by Dick Vomer (democrats are like flies, whatever they don't eat they sh#t on.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: jimbo123

After receiving my fist check today, I have discovered that I will be $350 per month lighter in the wallet. I, obviously not an Obama voter, am not happy in the least bit. Thank you very much GOPE.


26 posted on 01/11/2013 10:15:13 AM PST by Bruinator ("For socialism is not merely the labour question, it is before all things an atheistic question")
[ Post Reply | Private Reply | To 5 | View Replies]

To: kevkrom

Yes it is 20% Federal & there is a 10% penalty plus State Tax. I just recently cashed mines out even though it is not much. I got laid off last October 30, now my unemployment check is like $200 less than what I was earning when I was working. I do need the money and I regret opening a 401K when I should have instead saved it so I can have access to my money without penalties.

This is what I was given remember it is only estimate & I did took out a loan about 2 years ago and was being deducted from my paycheck so here is what I was notify of:

Total Gross Distribution $9,467.93
Cash amount to you $5,622.36
Loan distribution $1,762.62
Taxes
State tax $189.36
Federal tax $1,893.59
Total Estimated Net Distribution $5,622.36


27 posted on 01/11/2013 10:17:23 AM PST by Patriot Babe
[ Post Reply | Private Reply | To 19 | View Replies]

To: Mr. K

One of hubby’s coworkers bought a house to rent out in a nice college town in TN a year ago. The last three tenants all stopped paying rent and when the sheriff was brought to the front door, they all said they had 90 days before he could evict them. Also, they all trashed the place and he has lost his butt on his investment and is just going to outright sell the house after this present tenant is gone. He ran background checks, credit checks and called their past landlords and everything checked out. The word is out that the landlord has no rights and that no one really needs to pay rent as the law is on the side of the tenant.


28 posted on 01/11/2013 10:31:07 AM PST by Cowgirl of Justice
[ Post Reply | Private Reply | To 23 | View Replies]

To: Patriot Babe
is that considered a "hardship withdrawl" or is that not an option with your 401k? my understanding of early withdrawal is you can expect a miniumum tax penalty of 40% .
29 posted on 01/11/2013 11:19:55 AM PST by TurboZamboni (Looting the future to bribe the present)
[ Post Reply | Private Reply | To 27 | View Replies]

To: TurboZamboni

No, it is 10% penalty plus tax on the withdrawal as ordinary income. The rate would be dependent on the person’s tax bracket as of the end of the filing year, as the income is lumped into current year’s income. Miniumum = minimum.


30 posted on 01/11/2013 11:42:45 AM PST by NEMDF
[ Post Reply | Private Reply | To 29 | View Replies]

To: TurboZamboni

No it was not a hardship withdraawl and fully understood the tax consequences. Yes it did allow hardship withdrawl but I did not fall into any of the catagories so I said hell with it and just cashed it out


31 posted on 01/11/2013 4:06:03 PM PST by Patriot Babe
[ Post Reply | Private Reply | To 29 | View Replies]

To: kristinn

This along with the FSA limit reductions of Obamacare will result in a $1200 tax increase for me. Of course all of this pales in comparison to the loss of purchase power I have suffered over the last four years due to the monetizing of the debt. I will gladly accept the $1200 loss if we can turn grocery prices back to where they were in 2008.


32 posted on 01/11/2013 5:38:53 PM PST by Hoodat ("As for God, His way is perfect" - Psalm 18:30)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Patriot Babe

that sucks. in this economy, can’t imagine why it’s not a hardship to become unemployed.


33 posted on 01/11/2013 7:09:53 PM PST by TurboZamboni (Looting the future to bribe the present)
[ Post Reply | Private Reply | To 31 | View Replies]

To: Cowgirl of Justice

If it was easy everyone would be doing it

I had tenants like that before

You’re right it can be difficult but you learn to deal with people like that. They lie- you lie. Just tell the sherrif they moved out and are trying to move back when you dont want them.

Once their stuff is out of the building and in storage they will have to find another place to sleep that night.

I had a tenant who piled garbage up _ photographed the crap out of it and shovelled it out the window into my dump truck. When they showed up that evening I told them dont even bother coming in, they were evicted. Never heard a word from them afterwards

You gotta find good properties and be willing to WAIT for a good tenant- I passed up many, and demanded first, last, AND security deposit up front- if they could not do that they could not afford the place.

I also treated good tenants extremely well- I never raised their rent once they moved in- I had a 10 year tenant who was paying about half the market rate at the end and he was thrilled, kept the place clean and helped out with the whole building, and had no intentions of looking around for new place since his rent was so cheap.

Once again, if it was easy- everyone would be doing it.


34 posted on 01/12/2013 6:55:16 AM PST by Mr. K (There are lies, damned lies, statistics, and democrat talking points.)
[ Post Reply | Private Reply | To 28 | View Replies]

To: kristinn

I’m laughing my fanny off. The schadenfreude I’m getting from watching leftist heads exploding is worth the price I pay.

I put a buck in my good-feelings jar every time I tell a Lefty, “How’s it feel to be one of the rich?”


35 posted on 01/12/2013 7:06:48 AM PST by Cyber Liberty (Obama considers the Third World morally superior to the United States.)
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson