So I get that taxes went up

[sze5003]

My payroll tax went up about 50 bucks due to the new tax hike but I also got a raise yet the check is 4 bucks less than what it was without the raise. Is this an error or did they just hike my taxes up more than usual?

Comparing both checks one before new year and current , I can't see much but a difference in anything but the SSI or fed tax went up.

 

[brainhulk]

It appears as though the money you lost through taxes is...


































Greater than the gain you received from your raise

 

[KidNiki1]

i had no change in anything on my check other than whatever tax changes went into effect. my check is about 23 dollars less.

it's just that much more taxes.

 

[Fingolfin269]

How much was your raise? ~2%?

 

[rcpratt]

I do not understand how people struggle this much to understand their paychecks.

How much was your raise? If it was less than 2-3%...your paycheck could or should be less.

But seriously, compare each line item on your paychecks. How much more did you pay in SS? How much more did you pay in federal and state taxes? They may be slightly different than they were in your last 2012 paycheck, depending on how your pay varies throughout the year, but it's probably close + a little higher from the raise.

Mine was $107 less because of a combination of +2% SS tax and buying a week of vacation this year.

Also keep in mind that your first paycheck may or may not be right. Most of the payroll systems were set two weeks before the end of the year. It looks like my company correctly guessed that the SS tax cut would lapse but others may have made different assumptions.

 

[HydroSqueegee]

i lost $45 a check to social security. may not seem like much, but that $1170 a year!

 

[marmasatt]

I just read something last week (don't remember where) that employes haven't really been given any guidance by the IRS. In other words, since they don't have an exact answer, many are just guessing and withholding a bit more. As in it's better to plan for it as opposed to not take it out. (Their not going to be able to "get it back for you later" if they don't take it out.) You are going to pay it one way or another...

 

[highland145]

i had no change in anything on my check other than whatever tax changes went into effect. my check is about 23 dollars less.

it's just that much more taxes.

Hit the boss up for a raise.

 

[sze5003]

3% raise. 50 bucks more for ssi tax and about 20 bucks more taken out for fed withholding. Then say a total of 3 dollars more from other tax categories.

Last year my raise was something like 1.15 % since I had been at the company 6 months and I deff saw an increase in the net amount.

 

[KidNiki1]

Hit the boss up for a raise.

i get enough leeway from the boss so i can spend time with his grandkids. i'm not pushing my luck.

 

[rcpratt]

That sounds about right then.

 

[sze5003]

Wow that blows so much for telling me how good I was doing and all that bs. Should probably look for something else I made more at my last job.

 

[rcpratt]

Wow that blows so much for telling me how good I was doing and all that bs. Should probably look for something else I made more at my last job.

You got a 3% raise whether the payroll tax went up or not. If you hadn't gotten a raise, your paycheck would be ~$75 smaller.

 

[sze5003]

Yeah the taxes did go up for sure because If last year I got an even lower raise and I saw an increase but this year nope.

 

[highland145]

Try unemployment.

 

[sze5003]

No, I would be bored out of my mind not working. Just really a bummer I'm really unmotivated now. Oh well nothing I can do I should have done what my friend did and got a job overseas.

 

[glenn1]

Some of your benefit costs may have gone up - the difference may well be increased health insurance costs.

 

[KidNiki1]

Wow that blows so much for telling me how good I was doing and all that bs. Should probably look for something else I made more at my last job.

so, because the GOVERNMENT is taking more money, and that basically negates the RAISE your employer did give you, now you are all emo at your employer?

ok.

 

[sze5003]

Some of your benefit costs may have gone up - the difference may well be increased health insurance costs.

Actually comparing last year's medical benefits to this year's elections that I chose , they are currently less by about 10 bucks. I'm guessing they took them.out of the first check. I'll have to contact them and see what else changed besides taxes.

 

[xanis]

You got a 3% raise whether the payroll tax went up or not. If you hadn't gotten a raise, your paycheck would be ~$75 smaller.

Exactly this. You could have not gotten a raise and lost money... at least this way you break even.

 

[sze5003]

so, because the GOVERNMENT is taking more money, and that basically negates the RAISE your employer did give you, now you are all emo at your employer?

ok.

No, not emo just unmotivated. Besides this company is known to not to pay a lot to developers. The ones who make good money are those that were here a long time ago when they used to give bonuses 30% of your salary. Not anymore , oh well. I guess I didn't really expect to see less money when I had a raise last year too but I actually felt like it was a raise.

 

[purbeast0]

well this blows i had no clue about this lol. haven't gotten my first check yet i get it next monday. but i am now taking an extra $50/check to put into HSA so my check will probably drop like $100 or so, that blows.

 

[sze5003]

Yeah I even increased my retirement contribution to 5% but soon as I saw this I put it back to the standard 4%. Its originally supposed to go up 2% each year but I have student loans and bills to pay so it's not like I'm wasting money on luxuries. Looks like Comcast cable will have to go.

 

[yuchai]

23 posts and no one mentions the SS Wage Base on this topic? I thought it's ATOT and everyone makes at least $200K. If your pay is over the SS Wage Base, your first paycheck each year will see a huge drop when compared to the last check of the prior year (it will just be even worse this year due to the lapse of the SS tax holiday)

 

[sze5003]

I did mention that the tax which increased more than the federal withholding was the ss wage. Went from 4.2% to 6.4 I believe there is a note next to the stub. I'm checking with HR to see if they changed the way they take out medical because there's one item which doesn't match from before.