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What Will Your Paycheck be in 2014
Townhall.com ^ | January 2, 2014 | Political Calculations

Posted on 01/02/2014 9:11:56 AM PST by Kaslin

What will your typical paycheck look like in 2014 after Uncle Sam's G-men have gotten their dirty, stinking ape paws all over it?

Obviously, the answer to the question of how much of your income will be left over for you after the federal government has snatched a good part it depends upon quite a lot. How much income will you make? How many withholding allowances have you set up with your employer on your IRS Form W-4? How much pre-tax contributions will you be making toward your retirement plan or your health care or dependent care flexible spending accounts? What if you get a raise?

Our tool below is designed to answer those questions for 95% of all Americans. You just need enter the indicated information as it applies for you, and we'll do our best to estimate how much of the money you work hard to earn will still be yours after the federal government has withheld what it wants from your paycheck!

But really, it's not necessarily as quite as simple as that, which is something that we'll discuss in more detail below the tool....

[Click here to use the tool]

Now that we've given you a sense of how much money you'll have withheld from each of your paychecks in 2014 by the U.S. federal government, we should note that there are some really complicating factors that may come into play during the year depending upon how much you earn.

For example, in 2014, once you have earned over $117,000, you will no longer have the Social Security payroll tax of 6.2% of your income deducted from your paycheck. But then, by the time that happens, you'll have long been paying taxes on your income that are taxed at rates that are at least 10% higher than those paid by over half of all Americans.

There's also the complication provided by the so-called "Additional Medicare Tax" that your employer is required to begin withholding from your paycheck if, and as soon as, your year-to-date income rises above the $200,000 mark, which is part of the new income taxes imposed by the "Affordable Care Act" (a.k.a. "Obamacare"). Since the money collected through this 0.9% surtax on your income does not go to directly support the Medicare program, unlike the real Medicare payroll taxes paid by you and your employer, it is really best thought of as an additional income tax.

Since we've already mentioned "Obamacare", we should also note that many Americans may soon find themselves in the situation where they find that they have an additional income tax liability in 2014 because of the Affordable Care Act. At this writing, Americans who do not have health insurance coverage and who have not been included among those groups qualifying for hardship exemptions under the law are at risk of a nasty tax surprise, even if their situation comes about through no fault of their own thanks to the law's extremely careless construction and implementation. We'll address that potential additional tax liability soon....

Elsewhere on the Web

There are other paycheck calculators like this on the Internet, including the very well done tools available at PaycheckCity.com. We really like PaycheckCity's calculators because they allow you to determine the amount of state income tax withholding that will be taken out of your paycheck separately from what the federal government takes.

Then again, if you live in one of the nine states that have no personal income tax for wage and salary income (Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington or Wyoming), our tool above will provide you with a very good estimate of your actual take-home pay. We'll note that both New Hampshire and Tennessee both tax dividend and interest income, which doesn't affect your paycheck, but might influence your withholding decisions.

Previously on Political Calculations

We've been in the business of calculating people's paychecks (not including state income tax withholding) since 2005!



TOPICS: Business/Economy; Culture/Society; Editorial
KEYWORDS: 2014paycheck; federaltaxes; taxcalculate; taxcalulation; taxes

1 posted on 01/02/2014 9:11:56 AM PST by Kaslin
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To: Kaslin

Q: What Will Your Paycheck be in 2014?

A: Smaller.


2 posted on 01/02/2014 9:15:29 AM PST by MeganC (Support Matt Bevin to oust Mitch McConnell! https://mattbevin.com/)
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To: Kaslin

If it weren’t for “witholdings” (probably spelled that wrong), How many people would send in a check to the feds yearly or even monthly?

Yet people who have never had to pay an ins premium in the past are going to send in that obamacare premium every month?


3 posted on 01/02/2014 9:19:27 AM PST by Graybeard58 (_.. ._. .. _. _._ __ ___ ._. . ___ ..._ ._ ._.. _ .. _. .)
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To: MeganC

Most likely


4 posted on 01/02/2014 9:19:38 AM PST by Kaslin (He needed the ignorant to reelect him, and he got them. Now we all have to pay the consequenses)
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To: Graybeard58

I have my own business, and pay estimated taxes quarterly. Fortunately, I “self withhold” on all income to pay those taxes. When I opened my business, a colleague told me that if all Americans had to pay taxes the same way, we would never have allowed our government to grow to the size it has. I agree with that statement.


5 posted on 01/02/2014 9:22:24 AM PST by henkster (Communists never negotiate.)
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To: Kaslin

bfl


6 posted on 01/02/2014 9:22:59 AM PST by gattaca ("If you tell the truth, you don't have to remember anything." Mark Twain)
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To: Graybeard58

Yeah you did. It’s withholding as in with-holding


7 posted on 01/02/2014 9:24:27 AM PST by Kaslin (He needed the ignorant to reelect him, and he got them. Now we all have to pay the consequenses)
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To: Graybeard58

my dtr just changed jobs...she’ll have no health insurance....I’m scared about this and warned about the obamacare insanity.....hope she can figure something out...


8 posted on 01/02/2014 9:24:33 AM PST by cherry (.in the time of universal deceit, telling the truth is revolutionary.....)
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To: henkster

If all small businesses decided NOT to send in those quarterly payments we would have them by the balls!

Starve the friggin bastards I say!


9 posted on 01/02/2014 9:25:25 AM PST by unixfox (Abolish Slavery, Repeal the 16th Amendment)
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To: Kaslin

Never take a refund. That’s giving the gubmit a free loan of your money. Better is to withhold 90% of what your tax will be. That’s taking a free loan from the gubmit.


10 posted on 01/02/2014 9:29:29 AM PST by AU72
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To: henkster

“I have my own business, and pay estimated taxes quarterly. Fortunately, I “self withhold” on all income to pay those taxes. When I opened my business, a colleague told me that if all Americans had to pay taxes the same way, we would never have allowed our government to grow to the size it has. I agree with that statement.”

Yep, make everybody cut a check quarterly or yearly for a few grand and you would hear the hollering.

Withholding is out of sight out of mind. And that’s just the way the IRS likes it.


11 posted on 01/02/2014 9:32:05 AM PST by headstamp 2 (What would Scooby do?)
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To: Kaslin

12 posted on 01/02/2014 9:46:46 AM PST by 4Liberty (Mr President 'If you Like your college transcripts...can we see them?')
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To: Kaslin

I just hope to have one.


13 posted on 01/02/2014 9:53:30 AM PST by al_c (Obama's standing in the world has fallen so much that Kenya now claims he was born in America.)
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To: henkster

Absolutely agree! Everyone should have to write out that painful check every year. If we could get that into law, I guarantee a great fewer democrats would be elected and the tax system would be immediately overhauled.


14 posted on 01/02/2014 9:56:27 AM PST by Phillyred
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To: Kaslin

The same that it’s been for the last 5 years. Thankfully the kids are moving out one at a time, and each one leaving takes off a burden of about $250 per month.


15 posted on 01/02/2014 9:58:41 AM PST by lurk
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To: Graybeard58
How many people would send in a check to the feds yearly or even monthly?

I read a comment to this effect here on FR long ago (and promptly stole it for my own use). "If I could pass two laws, I would do the following: abolish tax withholding, causing everyone to send quarterly checks to the IRS - and move election day to April 16th".
16 posted on 01/02/2014 10:04:52 AM PST by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
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To: Kaslin

I dumped firefox and went back to i.e., when I did, I lost spell check. When I typed “witholding”, I knew it didn’t look right.


17 posted on 01/02/2014 10:08:09 AM PST by Graybeard58 (_.. ._. .. _. _._ __ ___ ._. . ___ ..._ ._ ._.. _ .. _. .)
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To: Kaslin

18 posted on 01/02/2014 10:09:03 AM PST by Slyfox (We want our pre-existing HEALTH INSURANCE back!)
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To: Graybeard58

I.E has become totally useless for me


19 posted on 01/02/2014 10:11:27 AM PST by Kaslin (He needed the ignorant to reelect him, and he got them. Now we all have to pay the consequenses)
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To: Kaslin
Health care will be everything this year. I worked 30 years and retired from ATT with paid for Cadillac insurance for life. We always took less for wages to keep our benefits as good as possible and as low as possible. When I retired, I paid ZERO for healthcare, but figured the price would rise as the years went on. Sure enough, a couple of years ago we had to pay $50 a month. Last year it rose to $350 a month. For a retiree, that's like a car payment with no car. Now I find out that later this year, an 8k filed with JP Morgan states that ATT will drop retiree insurance later this year. The company hasn't said anything and the union is sure not bragging about it. I think, they think, Obama will come through for them before it happens. The problem with that is the business plan from ATT in in stone right now. I suppose under a fascist regime, he could order ATT to keep paying for my insurance, but I think things will be changing by the election this year.

I don't really make any money,(SS+ withdrawals from IRA), so I'm not worried about taxes and such, but If I have to pay $500 a month or more to carry insurance, my life is pretty much over. I don't think most financial planners plan for this size of inflation. My health is bad, but not bad enough for disability. I will have to wait a couple more years for my wife to draw SS. WalMart is always hiring, but I don't think I can stand that long. I would be in fair shape without ObamaCare interference. I thought I would have to face mega inflation for this year, but with ObamaCare taking hundreds of billions out of the economy, probably not so much this year. Obamacare will act like a large tax increase on the economy. Many are predicting 3% GDP increase this year,......really? I don't think anyone understands just how bad this will be with 100million out of insurance. How many will be ABLE to pay 50% more for insurance? Homes will be lost again, cars gone, debt through the roof.

When you are looking at retirees making maybe $25,000-36,000 a year, they can't afford this kind of dislocation. Maybe $50 a month or so, but many are talking about doubles and triples.

I'm a cancer survivor with high BP and diabetes and cannot do without insurance for one day. This interference with my life could put me and the wife under a bridge. We will quickly move from the middle class to the ghetto class overnight.

Maybe if I win the Lotto.

20 posted on 01/02/2014 10:17:06 AM PST by chuckles
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To: Kaslin

You have control over only a part of your earnings. The government has control over the rest. We are under communism-lite.


21 posted on 01/02/2014 10:35:11 AM PST by I want the USA back (Media: completely irresponsible traitors. Complicit in the destruction of our country.)
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To: chuckles

Try living on less than $15,000 a year. Home & all vehicles are paid for. But there is never anything extra to have a cushion for car repairs, etc.


22 posted on 01/02/2014 10:40:47 AM PST by ridesthemiles
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To: Kaslin

I don’t have a paycheck any more. I am self employed. I have chosen to work part time and earn less money right now. It’s better for my family. Our household income is staying ok, but the taxes took a bigger bite in 2013, and health insurance also went up a lot. We are adjusting our living expenses down.


23 posted on 01/02/2014 8:42:16 PM PST by ReagansShinyHair
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To: Kaslin

2013 was smaller than 2012 was smaller that 2011. I suspect the pattern will continue, since the longer the mythical recovery is, the worse things get. Things won’t get better until we impeach POS and throw a bunch of politicians in prison.


24 posted on 01/02/2014 9:21:51 PM PST by kaehurowing
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To: kaehurowing
What the MSM isn't telling the people is the money printing going on with the FED is the reason we are not still in the throws of depression. They print the money and buy US debt and that frees up money for stocks and homes. We are pretending that things are better, but they are actually worse and at some point "The chickens come home to roost". When you dump a truckload of money in your living room, most find a way to invest it for the future. At some point the money runs out, the dollar cashes and inflation get to the "Carter" levels. The FED can't hold these bonds forever and the congress continue to spend trillions.

Who will buy our debt if the FED doesn't? At what interest rate? I find it fascinating that NO ONE is discussing the fact that NO BONDS are bought by other countries. We are floating our own debt and no one seems frightened. If we were Argentina, or Spain, the world would be a buzz. How long will business be forced to run from ObamaCare? How will the US adjust to two 29 hour part time jobs making $10 an hour from 1 40 hr job making $25 an hour? All these questions are still out there waiting to be answered. At some point, we all know that the socialist utopia will fail,.....badly. Will it be political or bloodshed? How long will the steam pot boil before critical mass? Who would make long term plans with all this nervousness in the mix? At least as the US declines into the abyss, we will finally have gay marriage as we starve, freezing in the dark./sarc

25 posted on 01/06/2014 10:25:01 AM PST by chuckles
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