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
eipcs, Kymberly - Obesity Editor, davidsalata, lovebird123, lizaa
58374 Registered Users
Forum Statistics
Forums417
Topics119,440
Posts847,749
Members58,374
Most Online449
Mar 28th, 2018
Top Posters(30 Days)
Angie 17
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
What exercise did you do today?
by Nancy Roussy. Exercise
05/22/18 05:25 AM
Spiders!
by Nancy Roussy. Clairvoyance
05/22/18 01:41 AM
Where are you and how is the weather?
by Mona - Astronomy. Inspiration
05/21/18 10:08 PM
New Doc on the Healing Power of Music
by Angela - Drama Movies. Drama Movies
05/21/18 09:30 PM
Scandal - The Final Season
by Maria - Prime Time TV. Prime Time TV
05/21/18 08:01 PM
Books for Shawl Knitting
by Korie - Folklore//Knitting/Yoga Editor. Knitting
05/21/18 07:58 PM
The Bhagavad Gita
by Korie - Folklore//Knitting/Yoga Editor. Yoga
05/21/18 07:48 PM
Hubble isn't the only telescope
by Mona - Astronomy. Astronomy
05/21/18 06:52 PM
2018 - Keep an eye on the sky
by Mona - Astronomy. Astronomy
05/21/18 06:25 PM
2018: On this day . . .
by Mona - Astronomy. Astronomy
05/21/18 06:14 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: 1.075s Queries: 14 (0.021s) Memory: 2.0232 MB (Peak: 2.1182 MB) Zlib disabled. Server Time: 2018-05-22 11:55:27 UTC