SOCIAL SECURITY TAXES??

The SS payroll tax has increased from $4600/year in 2012 to 7050/year in 2013?? What's the deal, I thought President Barack promised to cut my taxes? Why am I paying for everyone's EBT??

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He did cut your taxes...it was a temporary reduction which NEITHER party tried to extend.

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thought this was discussed already...

SOCIAL SECURITY TAXES??

It's the same amount you were paying before 2011. As the PP said, it was only temporary. The rate went from 6.2% to 4.2% temporarily for 2 years (?) and is now back at 6.2%. This has been all over the news since the beginning of the month.

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LOL Are we being baited?

Last I checked FICA doesn't pay for EBT.

ETA: Nice job with the 6 figure salary!

Message edited 1/21/2013 12:37:13 AM.

SOCIAL SECURITY TAXES??

It doesn't change the fact that taxes increased from 2012 to 2013, while under President Barack.
And someone tell me WHY EBT is being accepted EVERYWHERE???

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SOCIAL SECURITY TAXES??

Just wait until all the health care taxes start to kick in. Just wait.

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Posted by faerychel

Posted by NoMad

Just wait until all the health care taxes start to kick in. Just wait.

Hello troll friend...


You're goading doesn't seem to be working this morning.

Happy MLK Day!

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SOCIAL SECURITY TAXES??

Will there now be photos of Obama dressed as Hitler posted by the new troll? I'm waiting for that.

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since people like to rant without knowing what the eff they are talking about, here you go. All the taxes and fees from "health care reform". Bullet 6 is the only one that impacts payroll if you are in that salary range. If you want to complain then be specific and not just a general "oh wait until health care reform". what exactly are you concerned about from the below?

• Impose a tax on individuals without qualifying coverage of the greater of $695 per year up to a maximum of three times that amount or 2.5% of household income to be phased-in beginning in 2014.
• Exclude the costs for over-the-counter drugs not prescribed by a doctor from being reimbursed through an HRA or health FSA and from being reimbursed on a tax-free basis through an HSA or Archer Medical Savings Account. (Effective January 1, 2011)
• Increase the tax on distributions from a health savings account or an Archer MSA that are not used for qualified medical expenses to 20% (from 10% for HSAs and from 15% for Archer MSAs) of the disbursed amount. (Effective January 1, 2011)
• Limit the amount of contributions to a flexible spending account for medical expenses to $2,500 per year increased annually by the cost of living adjustment. (Effective January 1, 2013)
• Increase the threshold for the itemized deduction for unreimbursed medical expenses from 7.5% of adjusted gross income to 10% of adjusted gross income for regular tax purposes; waive the increase for individuals age 65 and older for tax years 2013 through 2016. (Effective January 1, 2013)
• Increase the Medicare Part A (hospital insurance) tax rate on wages by 0.9% (from 1.45% to 2.35%) on earnings over $200,000 for individual taxpayers and $250,000 for married couples filing jointly and impose a 3.8% tax on unearned income for higher-income taxpayers (thresholds are not indexed). (Effective January 1, 2013)
• Impose an excise tax on insurers of employer-sponsored health plans with aggregate values that exceed $10,200 for individual coverage and $27,500 for family coverage (these threshold values will be indexed to the consumer price index for urban consumers (CPI-U) for years beginning in 2020). The threshold amounts will be increased for retired individuals age 55 and older who are not eligible for Medicare and for employees engaged in high-risk professions by $1,650 for individual coverage and $3,450 for family coverage. The threshold amounts may be adjusted upwards if health care costs rise more than expected prior to implementation of the tax in 2018. The threshold amounts will be increased for firms that may have higher health care costs because of the age or gender of their workers. The tax is equal to 40% of the value of the plan that exceeds the threshold amounts and is imposed on the issuer of the health insurance policy, which in the case of a self-insured plan is the plan administrator or, in some cases, the employer. The aggregate value of the health insurance plan includes reimbursements under a flexible spending account for medical expenses (health FSA) or health reimbursement arrangement (HRA), employer contributions to a health savings account (HSA), and coverage for supplementary health insurance coverage, excluding dental and vision coverage. (Effective January 1, 2018)
• Eliminate the tax deduction for employers who receive Medicare Part D retiree drug subsidy payments.
Impose new annual fees on the pharmaceutical manufacturing sector, according to the following schedule:
– $2.8 billion in 2012-2013;
– $3.0 billion in 2014-2016;
– $4.0 billion in 2017;
– $4.1 billion in 2018; and
– $2.8 billion in 2019 and later.
• Impose an annual fee on the health insurance sector, according to the following schedule:
– $8 billion in 2014;
– $11.3 billion in 2015-2016;
– $13.9 billion in 2017;
– $14.3 billion in 2018
– For subsequent years, the fee shall be the amount from the previous year increased by the rate of premium growth.
For non-profit insurers, only 50% of net premiums are taken into account in calculating the fee. Exemptions granted for non-profit plans that receive more than 80% of their income from government programs targeting low-income or elderly populations, or people with disabilities, and voluntary employees’ beneficiary associations (VEBAs) not established by an employer. (Effective January 1, 2014)
• Impose an excise tax of 2.3% on the sale of any taxable medical device. (Effective for sales after December 31, 2012)
• Limit the deductibility of executive and employee compensation to $500,000 per applicable individual for health insurance providers. (Effective January 1, 2009)
• Impose a tax of 10% on the amount paid for indoor tanning services. (Effective July 1, 2010)
• Exclude unprocessed fuels from the definition of cellulosic biofuel for purposes of applying the cellulosic biofuel producer credit. (Effective January 1, 2010)
• Clarify application of the economic substance doctrine and increase penalties for underpayments attributable to a transaction lacking economic substance. (Effective upon enactment)

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Thought this was a good article on the end of the payroll tax holiday.

This passage from the article best sums it up IMO:

"Now this…this is just annoying, because the payroll tax debate was not a partisan one. Neither party intended to continue it, and if you want to start pointing fingers, it was the conservative corner of the Republican Party who fought like hell to prevent it from being extended back in February 2012.

The moral of the story is this: I have no idea if the payroll tax cut should or shouldn’t have been further extended beyond 2012. That’s a matter of policy on which I am not fit to opine. Logic tells me, however, that it’s rather silly to react to the expiration of a temporary tax cut by calling it a “tax increase” and blaming the very person who enacted the cut in the first place."

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