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My take home pay increased by $55/wk lol

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With my huge increase in health insurance costs I'm only getting an extra $9.10 per paycheck with the SS tax cut.

Better than some people here though. One guy with 3 kids is taking home $60 less each paycheck.
 
I love government math. Social Security is gonna run outta money! What do we do??? Answer: Lower the tax rate so we reduce its funding even more! The people love it!


*Dirigible hugs his extra 2% tightly and doesn't let go. 😛
 
rcpratt said:
Well obviously it affected you, but calculating your SS per hour and federal withholding per hour for each paycheck would be a start.


Or just take your expected “salary” and plug it in for x.

S = (x*.02)-400

Will give you your expected annual savings between both the SS and federal tax changes.
Click to expand...

What's the 400?
 
mb said:
With my huge increase in health insurance costs I'm only getting an extra $9.10 per paycheck with the SS tax cut.

Better than some people here though. One guy with 3 kids is taking home $60 less each paycheck.
Click to expand...

I've only got 1 kid, but I'm taking home ~$40 per check less with absolutely no change in my status. On top of that in July we get to re-up out 5% pay cut (furloughs), pay increased health premiums for worse coverage, and take an additional 1% pay cut (mandatory) for retirement.

Yay for getting screwed by the Fed and the State!
 
Yoxxy said:
106,800/52 * .02 = $41.07. Unless you pay both ends which a lot of us do. Where is the 55 coming from? SS is capped at 106,800 after that you don't pay anything...

Last year the max you paid was 106,800 * .062 now it is 106,800 * .042.

Unless you are paid bi-weekly at which point you aren't making near enough.
Click to expand...

uh, that's not how it works. You pay .062 percent per payweek without regards to income until you meet the ceiling $6,621.60. If you make over 106,800 per year, then your .02 can be much more than $41.07 depending on your pay frequency.
 
Our health insurance went up dramatically because, and get this, they had 2 years where the ratio was less than 75¢ on the dollar. (One was 1.05, the other something like 85&#162😉.

It was not that they LOST money, but that they were not able to get a 25% premium MINIMUM for two years.

Since when does it cost 25% of the price of care to just collect the money and give it to the doctor?

As for SS, yeah, brilliant.

Where did all that money they put in go to? Could someone remind me? I remember hearing that it was somehow re-appropriated somewhere......
 
CPA said:
uh, that's not how it works. You pay .062 percent per payweek without regards to income until you meet the ceiling $6,621.60. If you make over 106,800 per year, then your .02 can be much more than $41.07 depending on your pay frequency.
Click to expand...

Just looked at that on ADP. Seems it does work like that.

Well I get a bunch off my first few checks then. Yippee.

Good thing I don't do taxes.

Great thing is we pay/take bonuses first pay period of the year like a lot of companies. 2% comes back in my pocket quickly.
 
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CPA said:
uh, that's not how it works. You pay .062 percent per payweek without regards to income until you meet the ceiling $6,621.60. If you make over 106,800 per year, then your .02 can be much more than $41.07 depending on your pay frequency.
Click to expand...
I wish it was .062 percent 🙁
 
Ninjahedge said:
Our health insurance went up dramatically because, and get this, they had 2 years where the ratio was less than 75¢ on the dollar. (One was 1.05, the other something like 85¢).

It was not that they LOST money, but that they were not able to get a 25% premium MINIMUM for two years.

Since when does it cost 25% of the price of care to just collect the money and give it to the doctor?

As for SS, yeah, brilliant.

Where did all that money they put in go to? Could someone remind me? I remember hearing that it was somehow re-appropriated somewhere......
Click to expand...

If your company is paying a 25% ASO fee to manage your health plan, they need to switch companies. They are getting reemed.
 
Yoxxy said:
Just looked at that on ADP. Seems it does work like that.

Well I get a bunch off my first few checks then. Yippee.

Good thing I don't do taxes.

Great thing is we pay/take bonuses first pay period of the year like a lot of companies. 2% comes back in my pocket quickly.
Click to expand...

lol, I just called my company's payroll tax manager as I was going to ask him about your comment. My work is heavily involved in payroll accounting, so I thought I was confident in my response, but you never know due to all the friggin changes every year.
 
freesia39 said:
My husband has upped my 403b contributions with this tax cut.
Click to expand...

Well since it is your retirement plan, you better be the one upping them. He has no power to make any decision in your retirement plan unless your divorce decree declares it.

I wonder if this thread is representative of the general population? Seems no money is actually going into the economy with the tax cut just more money being saved.

At least as I have written before the goal of every president or Fed chief for the last 30 years has been to hit higher highs on the market, should be good for the market if people are contributing more to 401k/403b/thrift plan/simple ira/etc.
 
Yoxxy said:
Well since it is your retirement plan, you better be the one upping them. He has no power to make any decision in your retirement plan unless your divorce decree declares it.

I wonder if this thread is representative of the general population? Seems no money is actually going into the economy with the tax cut just more money being saved.

At least as I have written before the goal of every president or Fed chief for the last 30 years has been to hit higher highs on the market, should be good for the market if people are contributing more to 401k/403b/thrift plan/simple ira/etc.
Click to expand...

Not me, buster. I'm gonna spend my extra $2136. Every last penny of it.
 
Dirigible said:
I love government math. Social Security is gonna run outta money! What do we do??? Answer: Lower the tax rate so we reduce its funding even more! The people love it!


*Dirigible hugs his extra 2% tightly and doesn't let go. 😛
Click to expand...

I'd be more than happy to sacrifice everything I've already put in to the sytem and anything I would get back out of it. They need to just get rid of it all together. Draw a line and say if you are over X years old as of today you get it, if not, nothing.

Ending the useless wars and getting rid of social security would pretty much solve all of our financial problems.

While we're at it, get rid of welfare and unemployment too. Leave charity to charity.

Get rid of all tax deductions and make everyone pay the exact same percentage. No deductions,no exemptions.

I wish we could just have Ron Paul come in as a dictator for 5 years.
 
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