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Fica ssn taking out a lot more dollars in 2013

Discussion in 'Off Topic Threads' started by senior smoke, Jan 3, 2013.

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  1. senior smoke

    senior smoke Well-Known Member

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    Hello:
    My son in law called me today and said he just recived his first pay check in 2013, and Fica ssn is taking roughly $75.00 more out of his bi weekly check than was taken out in 2012.

    Anybody else get paid in 2013 yet and found a lot less money in your paycheck?
    Steve Balistreri
     
  2. likes-to-shoot

    likes-to-shoot Well-Known Member

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    It was in the Fiscal Cliff bill that FICA was to take out 2% more.

    Everyone who voted for that bill should be horse whipped and thrown out of office immediately just because of the pork added to that bill!!! Of all the bills considered in DC that one should have been about the fiscal cliff only!!!!
     
  3. scott calhoun

    scott calhoun Well-Known Member

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    Steve -

    The social security contribution went back to the "pre tax rollback" rate of 6.2 percent (the rollback rate was 4.2 percent).

    Scott
     
  4. Joe Potosky

    Joe Potosky Well-Known Member

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    It was stupid in the first place to cut the tax (two years ago), as it is a tax used to fund the retirement program. As it is, the USA will at some point have to borrow the money to pay everyone what is owed.

    If your upset about this, wait until they raise the retirement age (once again), change the formula for cost of living, and increase the maximums on salary that is taxed.
     
  5. jimsw

    jimsw Member

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    The current estimate is that 77% of the taxpayers will see a tax increase not a decrease.Tax increase equals lower take home pay. Get it?

    You have simply been lied to. The idea that we can solve this problem by increasing taxes on the "rich" and the middle class will be fine is a total scam.
    Remember 98% of the taxes are paid by half of the taxpayers. Almost half of the people don't pay any tax at all. What is "fair" about that?

    The idea that this comes as a surprise simply means no one was listening.

    If I understand your son in laws numbers he just took a monthly pay cut of about $150 or $1800 a year. That is very significant in anyone's budget.
     
  6. oldgahchamp

    oldgahchamp Active Member

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    Steve, your son should only have paid the new fica rate for the actual days he worked in 2013. Looks like his employer withheld the fica tax for about 1-1/2 weeks pay in December. He should tell the book keeping dept to reimburse him the correct amount. Larry
     
  7. ggenovez

    ggenovez TS Member

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    The 2010 "tax break", defunding our social security by 2% expired this year. SO hopefully Social security will not be in the red this year as it has in the past 2.
     
  8. Rick Barker

    Rick Barker Well-Known Member

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    Money paid at the time, not when earned determines what tax rate applies.

    That is why you saw so many companies paying bonus and dividend money earned in 2012, by 12/31/12.

    This is why global warming believer fruitcake Algore took his 100,000 million dollars from climate changing oil money of Al Jazeera at the end of 2012.

    Also, when people got the 2% tax break in FICA payments, employers still had to pay the full amount the share they pay in to Social Security for the employees. While this break was active, SS was underfunded. Of course it still is with so many people out of work, not paying taxes.

    People's future SS payments they get will be less than they would have gotten without the break.

    Contribute less, get less when you retire.

    What a lot of average people are going to learn is the "rich" did not get soaked like they were told.
    The only way to soak the rich is to hit them with a "wealth" or "assest" tax.

    Warren Buffet is still paying a lesser tax rate than his secretary is.

    Buffett lives on dividend income which is now taxed at 20% from 15% last Monday.

    Obama bought the people's vote, now the people and their future generations have to pay for that vote. Think about that after Obama leaves office, moves to his multi million dollar home in Hawaii and he Michelle sip a cocktail while they watch the sunset over the ocean.
     
  9. senior smoke

    senior smoke Well-Known Member

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    oldgahchamp:
    I will tell my son in law to double check with payroll. "My father use to say, no such thing as a free lunch". How will this affect our retirement checks?
    Steve
     
  10. 870

    870 Well-Known Member

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    Steve:

    As Rick already said above, the tax is based on the date paid, not when earned. If the paydate is 2013, it is all subject to the 2013 rate, even if it was for hours worked in 2012.
     
  11. senior smoke

    senior smoke Well-Known Member

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    Have to a Philadelphia lawyer to keep up to date with all this stuff.
    Steve
     
  12. Rick Barker

    Rick Barker Well-Known Member

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    Radio Free America is reporting people discovering the shortage on their paychecks due to re-enstatement of full FICA tax rate are blaming George Bush.

    Monitoring of Democrat blog and forum sites shows many people don't know this two year tax break was the action of the Beloved Leader Obama.

    They thought is was something W did and they are livid.

    This is better than watching a Three Stooges movie for the first time when I was 7 years old.
     
  13. senior smoke

    senior smoke Well-Known Member

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    Rick:
    This past weekend I watched a Stoogeapolooza marathan. My wife doesn't think they are funny. I told her our elected officials watch the Stooges just before they move to Washington.
    Steve
     
  14. senior smoke

    senior smoke Well-Known Member

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    Why can't the tax code be, no matter what you earned, a certain percentage is paid by all?
    Steve
     
  15. Jerbear

    Jerbear TS Member

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    That's what the "Flat Tax" was. 10% Flat Period.


    [​IMG]



    Jerbear
     
  16. BAD 303

    BAD 303 Active Member

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    Elections have consequences. When the libs figure out socialism effects them too dumbo will be out of office. They are not the sharpest knives in the drawer.
     
  17. Rick Barker

    Rick Barker Well-Known Member

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    Nor do they learn from the same stupid mistakes they make over and over and over again.
     
  18. Haskins Bill

    Haskins Bill TS Member

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    And in Jan 2012 he paid taxes on what he made the last week of Dec 2011 and on and on how far back does it go? Sheez!!!No big fricking deal. Read the fricking paper once in a while and maybe watch something other than I love Lucy reruns. Same thing happened when the Social Security retirement incremental full retirement age actually went into effect a few years ago .The law that did that was passed years before it went into effect.Bet your ass he did not find it bad when his witholding went down two years ago and he was getting that EXTRA $75.00 each pay period !!!!!! Must have blown that one off as a payroll screwup. Now then has anyone on here that draws social security for more than a few years ever looked at one of those old Social Security letters that used to come every year like 90 days before their birthday and seen just how much they were paying in. You know the one that tells that you paid like 250 dollars in 1963? Well add it all up and then figure out how much MORE you have been paid above and beyond what you paid in!!! Yep it is a PONZI scheme. Obama messed with the withholding amount to buy votes simple as that!! Bill
     
  19. frostyman

    frostyman Well-Known Member

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    Above someone mentioned that Warren Buffet is paying a lesser tax rate than his secretary. That is sort of true. One catch is Warren may be one of the wealthest people in the world BUT it is all on paper. He still lives in his house he bought in the 1950's. He NEVER sells any of the stock he owns in Berkshire Hathaway and he pays himself very little. He does get some money from being on other boards. If he sold anything it would be long term cap gains which max out at 15%. The secretary would be getting taxed at the income rate which is probably 28%. Of course none of that includes social security or medicare, etc. taxes which Warren would not have to pay on any long term capital gains.

    He owns a large portion of a very wealthy company. That does not mean he makes a lot of money. It just means on paper is wealthy. He also donates a lot of stuff so that all gets written off also.

    So if you donate to charity more than you make, you wouldn't pay much in taxes either.
     
  20. johnboy

    johnboy Member

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    We all need to put pressure on out legislators to subsidize ammo, reloading stuff, entry fees, etc. If they can kick in for Nascar, rum manufactures, hollywood and who knows what else surely the trapshooters deserve help.
     
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