paycheck

[zacs]

$334 less on a bi-weekly check.

OUCH... i knew it was coming, but man it still stings...

[striperman36]

welcome to your middleclass non-tax increase

[chefchris401]

mine dropped $27 a week, just from the social security increase. never ends

[zacs]

there goes any plans i had of re-powering this winter.

how is the economy not going to take a massive hit from this?

[striperman36]

Everyone's getting hit. People that were over the SS max income limit, get hit with the full 6.2 pct until the get over the limit again.

RI has that UnEmployment tax - 720 bucks maximum.

wonderful stuff;

[fishbones]

I've had several employees call me up asking why their checks are so much less now. I explain to them that it's the tax increase and they say they thought it was only for the wealthy. I tell them "congratulations, you are now wealthy according to our government". I started dumping more into my 401K and HSA account to protect it from being taxed, but it still sucks.

[Swimmer]

Originally Posted by fishbones

I've had several employees call me up asking why their checks are so much less now. I explain to them that it's the tax increase and they say they thought it was only for the wealthy. I tell them "congratulations, you are now wealthy according to our government". I started dumping more into my 401K and HSA account to protect it from being taxed, but it still sucks.

But for every thousand you need to protect your forced to dump something like $3,000.00 into a shelter. Impossible to keep up with.

[Jackbass]

I haven't even seen a paycheck yet. As a matter of fact I have about 15 on my desk that I can't cash because I pay my bills and employees first. But I am an evil business owner. So I have to be rich.

If only I made as much as my employees I would be golden.
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[justplugit]

Two percent doesn't sound like that much, the politicians know it, until it
comes out of the check. Already people are re-thinking their spending.
Another drag on the economy with a lot more to come.

Cut 10% across the board on every Govt Dept, it would knock out waste
alone, they wouldn't miss a beat in their performance.
Put the $$ back in our pocket book and then watch how the economy takes off.

[Jackbass]

Originally Posted by justplugit

Two percent doesn't sound like that much, the politicians know it, until it
comes out of the check. Already people are re-thinking their spending.
Another drag on the economy with a lot more to come.

Cut 10% across the board on every Govt Dept, it would knock out waste
alone, they wouldn't miss a beat in their performance.
Put the $$ back in our pocket book and then watch how the economy takes off.

Economics 101 do not raise taxes in a recession.
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[JohnnyD]

Originally Posted by fishbones

I've had several employees call me up asking why their checks are so much less now. I explain to them that it's the tax increase and they say they thought it was only for the wealthy.

And this is how Obama got re-elected - people that don't pay attention to what the hell is going on and how policies affect them.

The day before an agreement was reached the misses asked me to explain some details as to what the fiscal cliff is. The next day she and I were talking and I said, "remember how you were asking my about the fiscal cliff yesterday?" Her: "yeah" Me: "They reached an agreement today. Long story short, it means $80 less in your paychecks and an extra 2% taxes on my quarterlies." Her: "what the (*&$#"

[zacs]

i'm getting whacked a lot more than 2%...

i WISH it were only 2%....

[striperman36]

Originally Posted by Jackbass

Economics 101 do not raise taxes in a recession.
Posted from my iPhone/Mobile device

Except if its someone elses money

[Jackbass]

Right like raising tariffs on imports from China. But then we could never be part of the world economy
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[Saltheart]

The takers who reelected Obama will be getting just a little more for doing nothing as a result of you paying a little more (and getting nothing more in return). That's the way in our new minority block voting , illegal alien pandering , United Socialist States of America now.

[PRBuzz]

Soon we'll be FRANCE: 75% taxes or thereabouts!

Once had a salesperson in Germany say it wasn't worth working for the bonus incentives over there, the gov takes it all!

[Jackbass]

Originally Posted by striperman36

Except if its someone elses money

Imagine if tariffs were raised on imported vehicles and people ha to pay an import fee to drive their subarus and prius now that would be government oppression
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[Nebe]

What's a paycheck? I haven't had one of those since 1999..
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[RIJIMMY]

folks, as all know, I am no Obama supporter. I too took a huge hit.
But this is your SS and Medicare contribution that went back to 4% from 2%. I dont consider it a raise in taxes. We cant complain SS will be bankrupt and then not contribute what all of us were contributing 2+ years ago. Its the same rate. No class warfare, no tax on wealthy, you want to participate (or actually you have no choice) you have to pay.

Zac - it should only be 2%. I wonder if your company coded your tax withholding in 2013 with the assumption that rates would go up (fiscal cliff). They didnt really have time to adjust since the compromise was jammed through. It may be a timing issue? I would look into it.

[Raider Ronnie]

[QUOTE=JohnnyD;979208]And this is how Obama got re-elected - people that don't pay attention to what the hell is going on and how policies affect them.

Most of the guys I work with were bitching about smaller checks this week..
One of the younger guys who is always making remarks about me listening to political talk radio all the time says to me,
"My check is less this week, all thanks to Obama care"
I just laughed at him !
Sad thing is that pretty much sums up the younger generation today !

[spence]

Originally Posted by RIJIMMY

folks, as all know, I am no Obama supporter. I too took a huge hit.
But this is your SS and Medicare contribution that went back to 4% from 2%. I dont consider it a raise in taxes. We cant complain SS will be bankrupt and then not contribute what all of us were contributing 2+ years ago. Its the same rate. No class warfare, no tax on wealthy, you want to participate (or actually you have no choice) you have to pay.

Zac - it should only be 2%. I wonder if your company coded your tax withholding in 2013 with the assumption that rates would go up (fiscal cliff). They didnt really have time to adjust since the compromise was jammed through. It may be a timing issue? I would look into it.

Good lord, you're making sense?

Payroll went back from 4.2 to 6.2.

For some perspective, while you all were enjoying that extra 2% you were also increasing the deficit.

Zac, I doubt yours really went up that much. It's possible some of it was unemployment, many people max out during the year and their late checks are higher as a result.
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[JohnnyD]

Originally Posted by spence

For some perspective, while you all were enjoying that extra 2% you were also increasing the deficit.

First of all, let's get one thing straight... not a single person on this forum is "increasing the deficit". Not a single person on this forum decides that small bandaids on a budget that is hemorrhaging money is appropriate. Not a single person on this forum is having their pockets padded by Lobbyists.

At the end of the first year when I took the reins of the company I used to work for, revenue was down about 10% but this strange thing happened... profits were up. Crazy thing that I learned at a young age when it comes to budgeting - As a first step, it is significantly easier to find waste and reduce unneeded expenses than it is to increase revenue.

Now, with that in mind, I'd be perfectly fine with FICA going back to normal if it also meant during the time of the tax cut, politicians cut expenses. If we were working towards a more balanced budget, I'd actually be ok with the increase. However with the new plan, we have a tax increase *and* increased spending, with a net increase to the deficit.

And let's stop all the BS with "it's not a tax increase, it's back to where it was before." Doesn't matter. On December 31, we were all paying one rate and as of Jan 1 that rate is higher. It's an increase, whether it was an expiring cut or not.

Interestingly enough, Congress found it necessary to increase FICA back to where it was (excuse me, not "extend the temporary cut"), yet Obama felt as though the federal pay freeze needed to cease, through Executive Order. Must have felt Congress deserved it due to the extra time in session digging themselves out of their self-imposed "fiscal cliff". And with the continued expansion and extra work within the federal government due to inefficiencies by everyone involved, all federal employees definitely deserved the pay raise as well.

Been about 5 years since I saw a pay raise (quite a number of pay cuts in that time actually). Obama has declared that Congress, federal employees and the welfare class deserve pay increases, when will the Middle Class that he defended so much while campaigning get our pay increase??

[buckman]

Originally Posted by spence

For some perspective, while you all were enjoying that extra 2% you were also increasing the deficit.


Posted from my iPhone/Mobile device

Great response JD!

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[FormerUser]

Originally Posted by buckman

Great response JD!

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I agree!

[spence]

Originally Posted by JohnnyD

First of all, let's get one thing straight... not a single person on this forum is "increasing the deficit". Not a single person on this forum decides that small bandaids on a budget that is hemorrhaging money is appropriate. Not a single person on this forum is having their pockets padded by Lobbyists.

Sure you were, you all were.

Without that extra 2% to be converted into securities the government had to borrow more money to cover obligations.

Everyone here voted for government representation that put these laws into place.

You my friend are guilty as charged.

At the end of the first year when I took the reins of the company I used to work for, revenue was down about 10% but this strange thing happened... profits were up. Crazy thing that I learned at a young age when it comes to budgeting - As a first step, it is significantly easier to find waste and reduce unneeded expenses than it is to increase revenue.

It can be easy to get many companies profitable by cutting expenses, but it also can damage the long-term health of a business or have a negative impact to employees. What happened to the profit your firm generated?

One of the drags on the global economy right now are the austerity measures taken in the EU. Spending has to be drawn down, if we cut back too fast we'll plunge right back into recession.

Now, with that in mind, I'd be perfectly fine with FICA going back to normal if it also meant during the time of the tax cut, politicians cut expenses. If we were working towards a more balanced budget, I'd actually be ok with the increase. However with the new plan, we have a tax increase *and* increased spending, with a net increase to the deficit.

I'm confident we'll see more this year.

And let's stop all the BS with "it's not a tax increase, it's back to where it was before." Doesn't matter. On December 31, we were all paying one rate and as of Jan 1 that rate is higher. It's an increase, whether it was an expiring cut or not.

Why all the outrage? I don't seem to remember anyone praising the Fed when their payroll contributions were temporarily lowered.

Interestingly enough, Congress found it necessary to increase FICA back to where it was (excuse me, not "extend the temporary cut"), yet Obama felt as though the federal pay freeze needed to cease, through Executive Order. Must have felt Congress deserved it due to the extra time in session digging themselves out of their self-imposed "fiscal cliff". And with the continued expansion and extra work within the federal government due to inefficiencies by everyone involved, all federal employees definitely deserved the pay raise as well.

Ending a 2-3 year pay freeze with a bump of .5 to 1%...not exactly a massive increase for those engaged in foreign service, our military etc...

-spence

[fishbones]

Originally Posted by spence

Ending a 2-3 year pay freeze with a bump of .5 to 1%...not exactly a massive increase for those engaged in foreign service, our military etc...

-spence

Spence, I think you'll be hard pressed to find anyone in here arguing that the military doesn't deserve pay increases. I think JD is referrring to Congress voting themselves a pay increase. In most jobs, increases are comensurate with performance and the overall profitability of the company. Can Congress really argue that they deserved a raise based on their performance or the financial health of the country?

[striperman36]

Originally Posted by fishbones

Spence, I think you'll be hard pressed to find anyone in here arguing that the military doesn't deserve pay increases. I think JD is referrring to Congress voting themselves a pay increase. In most jobs, increases are comensurate with performance and the overall profitability of the company. Can Congress really argue that they deserved a raise based on their performance or the financial health of the country?

Anybody in Fed Civil Service hasn't had a pay raise also, this was for them, unfortunately our Congress also counts in that space.
The Fed claims also to have shed 851K in full time jobs since 2008.

[spence]

Originally Posted by fishbones

I think JD is referrring to Congress voting themselves a pay increase.

I don't think Congress voted themselves a pay raise.

-spence

[spence]

Originally Posted by striperman36

Anybody in Fed Civil Service hasn't had a pay raise also, this was for them, unfortunately our Congress also counts in that space.
The Fed claims also to have shed 851K in full time jobs since 2008.

It's true according to the DOL.

-spence

[fishbones]

Originally Posted by spence

It's true according to the DOL.

-spence

Don't put a lot of stock in that. They manipulate data to come up with numbers that work in their favor. You need to look at BLS #s and if you can get your hands on it, total payroll numbers.
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