logo

THIS IS THE NEW SERVER - WE ARE STILL TWEAKING IT
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
Marionette, Mistoff, Adrian Cahill, Ella moon, Acelin Fenton
57736 Registered Users
Forum Stats
57,736 Registered Members
417 Forums
115,305 Topics
819,888 Posts

Most users ever online: 615 @ 04/22/15 10:11 AM
Top Posters (30 Days)
"Rosie" 418
Nancy Roussy 340
Mona - Astronomy 129
Connie - ADD/Sandwiches 122
Sheryl T 70
Deanna - New Age 68
Korie - California Editor 47
Susan - Meditation Editor 42
Lisa LowCarb / VideoGames 24
Debbie-SpiritualityEditor 24
Ad Income Supports Charity
Topic Options
#798548 - 01/01/13 01:35 AM Payroll Tax Cut Will Lapse
Sandra Investing/HFinance Offline
BellaOnline Editor
Koala

Registered: 07/13/12
Posts: 2025
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



Top
#798617 - 01/02/13 01:08 AM Re: Payroll Tax Cut Will Lapse [Re: Sandra Investing/HFinance]
Sandra Investing/HFinance Offline
BellaOnline Editor
Koala

Registered: 07/13/12
Posts: 2025
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



Top
#806404 - 02/16/13 01:15 PM Re: Payroll Tax Cut Will Lapse [Re: Sandra Investing/HFinance]
SWK Offline
Jellyfish

Registered: 02/06/08
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

Top
#806597 - 02/18/13 12:42 AM Re: Payroll Tax Cut Will Lapse [Re: Sandra Investing/HFinance]
Sandra Investing/HFinance Offline
BellaOnline Editor
Koala

Registered: 07/13/12
Posts: 2025
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



Top
#806609 - 02/18/13 01:43 AM Re: Payroll Tax Cut Will Lapse [Re: Sandra Investing/HFinance]
SWK Offline
Jellyfish

Registered: 02/06/08
Posts: 102
Ok--Thanks for clarifying! smile
_________________________
SWK

Top


Want to reply? Register as a Forum Member - it's quick, free and fun!
Brand New Posts
Gardening Quotes
by Mona - Astronomy
Container Gardening
12 minutes 31 seconds ago
Irish Castles
by Bee - IrishCulture
Irish Culture
31 minutes 22 seconds ago
Tips for Planning Your Trip to Ireland
by Bee - IrishCulture
Irish Culture
Today at 12:06 AM
The Cottage Ceilidh
by Bee - IrishCulture
Irish Culture
Today at 12:03 AM
Daily World Peace Group Meditation
by Susan - Meditation Editor
Meditation
Yesterday at 11:33 PM
Twelve Year Anniversary As Meditation Editor
by Susan - Meditation Editor
Meditation
Yesterday at 11:29 PM
Hubble will be 25 this year!
by Mona - Astronomy
Astronomy
Yesterday at 10:40 PM
Ist Aug Win
by Mona - Astronomy
Contests & Sweepstakes
Yesterday at 09:46 PM
Is Tiger Woods Back?
by Sandy - Golf Editor
Golf
Yesterday at 02:24 PM
What's your favorite Tea or Herbal?
by Angie
Tea
Yesterday at 02:22 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
2 registered (Izeigo, Bee - IrishCulture), 65 Guests and 5 Spiders online.
Key: Admin, Global Mod, Mod
Ad Income Supports Charity



| About BellaOnline | Privacy Policy | Advertising | Become an Editor |
Website copyright © 2015 Minerva WebWorks LLC. All rights reserved.