logo

Channel List
Beauty & Self
Books & Music
Career
Computers
Education
Family
Food & Wine
Health & Fitness
Hobbies & Crafts
Home & Garden
Money
News & Politics
Relationships
Religion & Spirituality
Sports
Travel & Culture
TV & Movies
Safety
We take forum safety very seriously here at BellaOnline. Please be sure to read through our Forum Guidelines. Let us know if you have any questions or comments!
Newest Members
Orchid, bonding99, davidearly, SusieGG, OSTSEE
58341 Registered Users
Forum Statistics
Forums417
Topics119,314
Posts846,661
Members58,341
Most Online410
Feb 3rd, 2018
Top Posters(30 Days)
Sponsor
Previous Thread
Next Thread
Print Thread
#798548 - 01/01/13 09:35 AM Payroll Tax Cut Will Lapse  
Joined: Jul 2012
Posts: 2,025
Sandra Investing/HFinance Offline
BellaOnline Editor
Sandra Investing/HFinance  Offline
BellaOnline Editor
Koala

Joined: Jul 2012
Posts: 2,025
If the House passes the Fiscal Cliff Deal today, the 2% payroll tax cut will lapse. However, anyone making under $450,000 will not see their income taxes rise.

Let's hope the House passes the deal today.


Sandra Baublitz, Investing/Home Finance Editor
Investing Website
Home Finance Website
Sandra Baublitz Author Webpage


#798617 - 01/02/13 09:08 AM Re: Payroll Tax Cut Will Lapse [Re: Sandra Investing/HFinance]  
Joined: Jul 2012
Posts: 2,025
Sandra Investing/HFinance Offline
BellaOnline Editor
Sandra Investing/HFinance  Offline
BellaOnline Editor
Koala

Joined: Jul 2012
Posts: 2,025
Make that any individual making under $400,000 and any couple making under $450,000 will not see their income taxes rise.

Yes, the House passed the bill. Now it is on to the debt ceiling. This has to be resolved by the end of February.


Sandra Baublitz, Investing/Home Finance Editor
Investing Website
Home Finance Website
Sandra Baublitz Author Webpage


#806404 - 02/16/13 09:15 PM Re: Payroll Tax Cut Will Lapse [Re: Sandra Investing/HFinance]  
Joined: Feb 2008
Posts: 102
SWK Offline
Jellyfish
SWK  Offline
Jellyfish

Joined: Feb 2008
Posts: 102
Sandra-This is something that confuses me. Can you clarify? Since the payroll tax cut lapsed, our paychecks are smaller, even though we make MUCH less than $450,000.
But you say our income taxes won't rise?
So, the gov't is taking more out of our paychecks, but we won't owe any more--which would mean that we'll, in essence, probably get a large refund next year, assuming we change nothing on our W-4's, since we're paying more per paycheck than we did last year?
Or are these not connected?


SWK
#806597 - 02/18/13 08:42 AM Re: Payroll Tax Cut Will Lapse [Re: Sandra Investing/HFinance]  
Joined: Jul 2012
Posts: 2,025
Sandra Investing/HFinance Offline
BellaOnline Editor
Sandra Investing/HFinance  Offline
BellaOnline Editor
Koala

Joined: Jul 2012
Posts: 2,025
Sorry about that. I didn't make that very clear. Let me try to clarify. Our federal income taxes are staying the same. However, the Social Security Tax (Payroll Tax) is going back up by 2%. The Payroll Tax had been temporarily cut for a few years but now it is reverting to its previous level - hence a 2% increase from last year's payroll deduction.

So although you will not owe more taxes on your gross earnings, you will have to pay more into Social Security. This will reduce your weekly earnings. So no large tax refund.

I hope this explains it better. Let me know if you have any more questions. And Thank You for the questions. I'm glad to be able to try to get the right information out there to everyone.


Sandra Baublitz, Investing/Home Finance Editor
Investing Website
Home Finance Website
Sandra Baublitz Author Webpage


#806609 - 02/18/13 09:43 AM Re: Payroll Tax Cut Will Lapse [Re: Sandra Investing/HFinance]  
Joined: Feb 2008
Posts: 102
SWK Offline
Jellyfish
SWK  Offline
Jellyfish

Joined: Feb 2008
Posts: 102
Ok--Thanks for clarifying! smile


SWK

Brand New Posts
Flash Fiction
by Michelle - Short Stories. Short Stories
02/22/18 05:41 PM
Billy Graham Center equips Christian workers
by Lynne - ChristianLiving. Christian Living
02/22/18 04:40 PM
2018: On this day . . .
by Mona - Astronomy. Astronomy
02/22/18 01:18 PM
Pegasus the Winged Horse *revised*
by Mona - Astronomy. Astronomy
02/22/18 09:56 AM
2018 - Keep an eye on the sky
by Mona - Astronomy. Astronomy
02/22/18 09:32 AM
What will you do today?
by Mona - Astronomy. Inspiration
02/21/18 11:28 PM
Nebulae
by Mona - Astronomy. Astronomy
02/21/18 11:24 PM
Canis Minor – the Lesser Dog *new article*
by Mona - Astronomy. Astronomy
02/21/18 11:09 PM
Oscars - 1st Female Cinematographer Nomination
by Angela - Drama Movies. Drama Movies
02/21/18 09:22 PM
Sewing and E-Patterns
by Cheryl - Sewing Editor. Sewing
02/21/18 08:59 PM
Register to Post!
Want to post? For security reasons you need to Register as a Forum Member. It's quick, easy and free!
Forum Activities
Book Clubs
Trivia Contests
Who's Online Now
0 registered members (), 133 guests, and 4 spiders.
Key: Admin, Global Mod, Mod
Sponsor


| About BellaOnline | Privacy Policy | Advertising | Become an Editor |
Website copyright © 2018 Minerva WebWorks LLC. All rights reserved.


Powered by UBB.threads™ PHP Forum Software 7.6.0
Page Time: 1.095s Queries: 14 (0.036s) Memory: 2.0233 MB (Peak: 2.1183 MB) Zlib disabled. Server Time: 2018-02-22 18:22:43 UTC