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Payroll Tax Increase for 2013 #33169
01/09/2013 07:48 AM
01/09/2013 07:48 AM
Joined: Nov 2006
Posts: 334
Martinsville
K
Knight50 Offline OP
Member
Knight50  Offline OP
Member
K
Joined: Nov 2006
Posts: 334
Martinsville
Two big things took place in the New Year that will affect how much you bring home with each new paycheck this year.
The temporary reduction in Social Security payroll tax expired.
For someone who makes $50-thousand a year that means you'll be paying a $1,000 more a year into Social Security.
Then there's the payroll tax increase, which impacts 77-percent of families.
If you make between $40-and-50-thousand, you'll pay $579 more this year than last.
If you make between $50-and-70-thousand, taxes will go up $822.
So for the person earning that $50-thousand income, add the $1000 going to Social Security plus the $822 in payroll tax for a total of $1822 that wasn't coming out of your check last year, but will this year.
Monthly, that breaks down to $151, or about $38 a week

Re: Payroll Tax Increase for 2013 #33170
01/09/2013 08:19 AM
01/09/2013 08:19 AM
Joined: Jan 2005
Posts: 8,525
owen county
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gundude Offline
Watching Over You All
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Posts: 8,525
owen county
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Re: Payroll Tax Increase for 2013 #33171
01/09/2013 03:34 PM
01/09/2013 03:34 PM
Joined: Dec 2002
Posts: 1,586
Cass County
S
Steiny Offline
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Steiny  Offline
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Joined: Dec 2002
Posts: 1,586
Cass County
Yet once again they elected the guy that intends to take away more of their fredoms and get deeper into their pockets. I don't get it.

Re: Payroll Tax Increase for 2013 #33172
01/09/2013 04:20 PM
01/09/2013 04:20 PM
Joined: Sep 2006
Posts: 3,288
PlainField, IN
BREW... Offline
Hoosier Hunter
BREW...  Offline
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Posts: 3,288
PlainField, IN
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Re: Payroll Tax Increase for 2013 #33173
01/09/2013 05:20 PM
01/09/2013 05:20 PM
Joined: Jul 2010
Posts: 57
So. Indiana
J
JoshS Offline
Hoosier Hunter
JoshS  Offline
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Joined: Jul 2010
Posts: 57
So. Indiana
I wonder how long it will take Congress to start taxing our 401k's?

Re: Payroll Tax Increase for 2013 #33174
01/09/2013 06:09 PM
01/09/2013 06:09 PM
Joined: Apr 2001
Posts: 1,097
Martinsville, IN, USA
shooter Offline
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shooter  Offline
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Joined: Apr 2001
Posts: 1,097
Martinsville, IN, USA
Quote
Originally posted by Knight50:
Two big things took place in the New Year that will affect how much you bring home with each new paycheck this year.
The temporary reduction in Social Security payroll tax expired.
For someone who makes $50-thousand a year that means you'll be paying a $1,000 more a year into Social Security.
Then there's the payroll tax increase, which impacts 77-percent of families.
If you make between $40-and-50-thousand, you'll pay $579 more this year than last.
If you make between $50-and-70-thousand, taxes will go up $822.
So for the person earning that $50-thousand income, add the $1000 going to Social Security plus the $822 in payroll tax for a total of $1822 that wasn't coming out of your check last year, but will this year.
Monthly, that breaks down to $151, or about $38 a week
As your employer matches your SS, they get nailed also. Look for someone to get fired to make up for the loss.

Re: Payroll Tax Increase for 2013 #33175
01/10/2013 08:50 AM
01/10/2013 08:50 AM
Joined: Nov 2006
Posts: 334
Martinsville
K
Knight50 Offline OP
Member
Knight50  Offline OP
Member
K
Joined: Nov 2006
Posts: 334
Martinsville


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