Re: Payroll Tax increase...how will it impact you?

Message edited 9/1/2013 9:32:37 AM.

Re: Payroll Tax increase...how will it impact you?

Re: Payroll Tax increase...how will it impact you?

we spend as a culture. I highly doubt anyone who can still squeeze a wax out will give that up. people NEED their "luxuries".

Re: Payroll Tax increase...how will it impact you?

Posted by stinger

Posted by olive98

Posted by Blazesyth

Posted by blu6385

how much of a differnce is it really going to be ?

According to reports, approximately 1K per year for every 50K that you earn.

Its 2% so if u make $100k its $2000 a year or $38.46 a week. This was a temp cut anyway so no one should have been depending on it

I didn't realize I shouldn't have been depending on the money that comes in my paycheck!

Re: Payroll Tax increase...how will it impact you?

Posted by stinger

Posted by olive98

Posted by Blazesyth

Posted by blu6385

how much of a differnce is it really going to be ?

According to reports, approximately 1K per year for every 50K that you earn.

Its 2% so if u make $100k its $2000 a year or $38.46 a week. This was a temp cut anyway so no one should have been depending on it

I didn't realize I shouldn't have been depending on the money that comes in my paycheck!

Re: Payroll Tax increase...how will it impact you?

Posted by JenniferEver

Posted by stinger

Posted by olive98

Posted by Blazesyth

Posted by blu6385

how much of a differnce is it really going to be ?

According to reports, approximately 1K per year for every 50K that you earn.

Its 2% so if u make $100k its $2000 a year or $38.46 a week. This was a temp cut anyway so no one should have been depending on it

I didn't realize I shouldn't have been depending on the money that comes in my paycheck!

It was never billed as anything other than TEMPORARY tax relief

Re: Payroll Tax increase...how will it impact you?

Posted by Ophelia

Posted by stinger

Posted by olive98

Posted by Blazesyth

Posted by blu6385

how much of a differnce is it really going to be ?

According to reports, approximately 1K per year for every 50K that you earn.

Its 2% so if u make $100k its $2000 a year or $38.46 a week. This was a temp cut anyway so no one should have been depending on it

I didn't realize I shouldn't have been depending on the money that comes in my paycheck!

no lol Ithink the point was to get you to spend the extra money to get the economy moving. so you did it right. now you have to figure something else out lol

Re: Payroll Tax increase...how will it impact you?

the reverse argument was made when the tax was used in the stimulus. such a small amount...would it even be noticeable to people. well, I guess you are answering that question.

yes, we noticed and we used it and we liked it. we are losing at least $200 per month. I will be sad to see it go. but I don't think it will be changin my spending that much. a new baby is doing that for me this year. I had Austerity 2013 on my calendar ever since I found I i was preggo lol

Re: Payroll Tax increase...how will it impact you?

we will lose about $100 a month. $100 a month can make a real difference for some families. But, I just saved $70-80 a month by switching to fios. I will continue to shop around for whatever I can to lower our expenses. It just sucks that it will be to cover the loss rather than go in our pocket.

Re: Payroll Tax increase...how will it impact you?

i think i'm in a bit of a different situation..

2009 i graduated college, and held leave replacements until basically august 2011

so i started my first full time job in the midst of the cuts, and didn't know about them prior to recently-i never saw an increase because i started when it was there

now, i'm seeing a decrease...we'll be fine, but it's basically money we would have spent on a vacation that we won't spend now-i'm curious about the effect this will have on the economy

Re: Payroll Tax increase...how will it impact you?

yeah it will HURT....... my company already scrapped the raises AND scrapped the bonus. Luckily this year we are taking hubbys insurance which is a little cheaper than mine.

Re: Payroll Tax increase...how will it impact you?

I wonder if the stimulus effect will continue since people have clearly gotten used to spending that extra 2%. It's gotta come from somewhere, but maybe people will save less but keep spending more

Re: Payroll Tax increase...how will it impact you?

Re: Payroll Tax increase...how will it impact you?

Re: Payroll Tax increase...how will it impact you?

Between losing this money, which amounts to a significant amount in DHs paycheck, increased healthcare costs AGAIN, taxes going up, and everything else 2013 is already off to a very $hitty start. Feels like no matter what you do you can never get ahead. Every time we pay off debt or cut back and free up money something else comes up. One step forward and four back..........all.the.time. Very frustrating.

Re: Payroll Tax increase...how will it impact you?

Payroll Tax increase...how will it impact you?

^ I agree with what you just wrote, Hofstra.

It also angers me when it seems those in a small percentage and are ridiculously wealthy get what appears to be most of the breaks. It's like all the other classes stumble and fall lower and not only can't rise, but can't even maintain.

Big company which makes billions gets worried, cuts workers, bonuses, pensions, lowers starting salaries, lowers or deletes annual raises...but still a small group on top is raking in millions.

And it's not like prices ever go down. They just steadily increase.

I always say, I'm not looking to be a millionaire. I don't even need or want a 500k salary. I just want peace of mind that I can be comfortable. I go to work, I do the best I can, and I would like to feel safe for now and the future and be fairly compensated.

Re: Payroll Tax increase...how will it impact you?

I think people mean rely on as in "have an expectation that it would continue" and in that case no one should have relied on it, but bof course many people live paycheck to paycheck or nearly so, so they will use any extra $ they can get.

I think consumer spending was down because of the WAY overhyped news about the fiscal cliff. As I said in the FC thread, I never had any doubt that they'd come to some kind of agreement. Congress honestly sucks 365 days a yeart. it has just recently come to our attention

Re: Payroll Tax increase...how will it impact you?

Payroll Tax increase...how will it impact you?

I honestly think it's a little shady. I recall when it first went into effect but honestly after a while I totally forgot that the extra money was only temporary. I'm pretty sure I'm not the only one. It would have been better for the majority of the American people to have received a big stimulus check like they did the prior year. One big hunk spent or saved and then move on.

At a time when so many people are struggling to make ends meet this money is now something extra being taken away. Companies are cutting out raises and insurance cost have increased along with everything else. It sucks for the average American.

Re: Payroll Tax increase...how will it impact you?

I will have to see how much its really going to impact me. I get paid bi-weekly and my insurance premiums just went up too, so should be interesting. Everything combined with the fact that the main portion of my student loans have become due will result in me tightening the purse strings severely. I am also paying off some low balance credit cards with some $ I put aside so I dont have to pay out more monthly and pay interest on it. We will not be eating out or buying extra clothes etc. Basicly if it's not necessary, it's not being paid for. Its a shame. Although it does not seem to be a huge difference, from what I hear I am not the only one dealing with increases in insurance premiums and copays. Everything together will impact the economy. It has to. Many people were not able to save before this.

ETA: 2% increase...so basicly it just negated my raise. Wouldnt have been horrible except for the premium increases as stated earlier.

Message edited 1/2/2013 9:53:14 PM.

Re: Payroll Tax increase...how will it impact you?

Re: Payroll Tax increase...how will it impact you?

We will see a decrease by about 350.00 a month. Sucks big time.

Re: Payroll Tax increase...how will it impact you?

I am afraid to look at my pay stub but regardless of the extra tax it wont impact me or my lifestyle. After my next raise this summer I am going to assume that it will make up for all or a good portion of it.

Payroll Tax increase...how will it impact you?

I figured it out to be an additional $15 per week taken out.