Roughly 150 a month from my paycheck alone. Figure wife will be same. That being said that POS got $300 cash from my household per month. Wife wanted to have another baby... Working man can't afford children anymore but the people getting freebies can have all they want. Sounds to me like we are breeding a scoicity full of ignorant human beings.
Got an increase of $48 per pay period for health care and $50 for OASDI. So just under $200 a month less take home(+$100 with wifes OASDI figured in, roughly $3,600 a year more out of pocket). We are on our fourth year of cost of living pay freeze(which wasn't too much to begin with) but it adds up over the years. There is talk of a COL increase this year at 0.5% so roughly 0.15 cents and hour for someone making $30 bucks an hour. Sucks, but still better than 0. Our predicted insurance spike coming in November is close to 30% so that will sting also. Even with a 0.95 cent per hour pay raise hitting this pay period I am still taking home about $30 less a pay period. $780 a year doesn't seem like much but when it's coming out of your actual spending money it still stings. I look at that as my hunting license and mine and my fathers hunt club dues I could have paid. Such is life, don't really like it but won't complain too much since I know others having a much harder time than myself right now.
I get more and pay more, because the other developer quit, so now for fear of me leaving they gave me a hefty rasie, which put me on in the next level tax bracket, which means I netted almost nothing, LOL More work for less money. The American Dream
That sounds about right. I was kind of excited to be getting a lot of training from my employer. Going to Seattle for a week and possibly Pearl Harbor for a week. Then I found out one of the training rotations is the first and second week of November....figures.
I'm not sure what you mean by this. The fallacy of being knocked into another tax bracket increasing all your taxes is not true. You would be paying the higher amount only on the amount above the next bracket. Say for example $100,000 is the cut off. If you were making 95k and paying 25% federal taxes, when you got your "hefty" raise say to $125k you would be theoreticaly bumped to the 30% bracket only on the next 20 grand above the 100. These are only swag numbers the actual tables are on the IRS website. There is theoretically almost no way to receive a "hefty"raise and bring home the same amount. In fact for a married couple you would have to make like an extra hundred grand to even change brackets. But again the same rules would apply. Maybe your HR department hasn't given you your increase yet.
Yes the government helped us build our businesses.......please I cant handle the puke taste in my mouth.
Wait, I'm confused. I thought Barry O said he wasn't going to raise taxes on the middle class. (for those defending it, I understand he didn't "raise" the SS tax) However, it's money out of everyone's pocket. Money that cannot be spent. I can't use that money to go out to eat, or buy groceries, or buy odds and in's, therefore each person is now going to be spending somewhere around 2-3 percent less of their income into the economy. Then you add the raise in insurance premiums, and your talking more like 5-7 percent less. So our economy will shrink by 5-7 percent. Great idea in an already bad economy.
Yes, by the end of the year I will net very little. It matter where you fall on the brackets. I will fall just barley over, and I will net very little. I am looking at it entire year, not pay check to pay check.
Are you combining your statement to include the SS tax increase across the board? That's the only way your logic makes sense. You would still be taking home around 70% of your new pay raise regardless where you fell in the brackets...until you consider the lapsed SS reduction which increases across the board.
No way to get a raise and not have a gain. There is a modest 2% raise in fed payroll tax and even if SOME of your earnings were taxed at the next bracket you would see an increase in take-home. UNLESS, you have an increase in withholding for insurance or something else.
Maybe it's me, but the a raise you get and what you get to take home is crazy. When. I get my first check I will see, I was running some figures and it just did not excite me for what I have to do
As far as the increase back to what Social Security is taking out, yes. The 2% break we were getting is now back for the first $113k. Ofcourse one camp wants to increase that cap because they feel like the rich just aren't paying their fair share in taxes. Some would like to see the cap raised to $180k or beyond. Apparently its just evil to get rich these days.
Yes its evil to work your *** off to become rich and provide for yourself and family. But the leaches that are sucking us dry are becoming a noble protect class, and the politicians kiss there asses and pander to them for votes. They are called the " low information" voter. The country is becoming more and more convoluted every minute.
easy way to figure it out is just use percentages. If your gross wage increase was 10%, your net will be 10%. if you made 70k last year and your pay increased to 142k this year, you are still in the same bracket. If you made 140 last year and jumped to 160k this year only the extra 18k is taxed at an extra 3%. the brackets are quite large and really breaks out as the following. Your first 70k is taxed at 15% Your second 70-140 is then taxed at 25% Then 140-217 is taxed at 28% And so on. The old fallacy of not wanting a raise for those on the bubble of brackets is sadly perpetuated but not true. When can actually start to save money is breaking through 112,000 in a single year and you will then not have your 6.5% taken out for SS. If you get bonuses like I do, if you are over the SS threshold its better to take the bonus in that year and save the 6.5% and the boss saves it as well. This is why the US tax code is actually progressive for wage earners and then takes a dump for really rich. Someone making money like A-Rod stops putting into SS at 113k which is like 3 innings of game checks. Then you get into super rich and the tax code falls apart. But god help me for saying this, but really if you earn a w-2 wage between 0-250k the US tax code is not that bad compared to other civilized countries.
