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Mon Jan 14, 2013, 10:06 AM

 

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This message was self-deleted by its author (michigandem58) on Mon Jan 14, 2013, 10:17 AM. When the original post in a discussion thread is self-deleted, the entire discussion thread is automatically locked so new replies cannot be posted.

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Reply This message was self-deleted by its author (Original post)
michigandem58 Jan 2013 OP
kentuck Jan 2013 #1
OneGrassRoot Jan 2013 #6
union_maid Jan 2013 #2
JoePhilly Jan 2013 #3
nc4bo Jan 2013 #4
Motown_Johnny Jan 2013 #5
Gman Jan 2013 #7
michigandem58 Jan 2013 #9
SalviaBlue Jan 2013 #14
nc4bo Jan 2013 #13
hobbit709 Jan 2013 #8
JaneyVee Jan 2013 #10
Tansy_Gold Jan 2013 #11
alcibiades_mystery Jan 2013 #12
LineNew Reply .
DURHAM D Jan 2013 #15
Lifelong Protester Jan 2013 #16
99Forever Jan 2013 #17
Avalux Jan 2013 #18
n2doc Jan 2013 #19

Response to michigandem58 (Original post)

Mon Jan 14, 2013, 10:08 AM

1. Did you notice when it went up by $80?

A lot of people didn't know they got a tax cut but immediately recognize an increase.

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Response to kentuck (Reply #1)

Mon Jan 14, 2013, 10:09 AM

6. Great point, kentuck. n/t

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Response to michigandem58 (Original post)

Mon Jan 14, 2013, 10:08 AM

2. Uh huh

That would be because of the payroll tax holiday ending. It was a temporary stimulus, never mean to be permanent.

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Response to michigandem58 (Original post)

Mon Jan 14, 2013, 10:08 AM

3. The payroll tax cut expired as planned.

That money is going towards your social security, just as it had prior to the point 2 years ago when the temporary tax holiday was put in place.

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Response to michigandem58 (Original post)

Mon Jan 14, 2013, 10:08 AM

4. So what exactly caused the reduction?

Surely you must know.

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Response to michigandem58 (Original post)

Mon Jan 14, 2013, 10:08 AM

5. Holiday ended on the first of the year.

It was in all the papers.

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Response to michigandem58 (Original post)

Mon Jan 14, 2013, 10:10 AM

7. Don't start

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Response to Gman (Reply #7)

Mon Jan 14, 2013, 10:11 AM

9. Huh? This is real impact on middle class

 

The holiday not getting extended is having a big impact on people.

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Response to michigandem58 (Reply #9)

Mon Jan 14, 2013, 10:14 AM

14. Don't you just hate Republicans?

Is there anything they will not do to screw the middle class?

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Response to Gman (Reply #7)

Mon Jan 14, 2013, 10:14 AM

13. +1.

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Response to michigandem58 (Original post)

Mon Jan 14, 2013, 10:11 AM

8. So how much are you making a month if a 2% cut is $160?

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Response to michigandem58 (Original post)

Mon Jan 14, 2013, 10:12 AM

10. The Republicans refused to extend the payroll tax break in the fiscal cliff deal.

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Response to michigandem58 (Original post)

Mon Jan 14, 2013, 10:12 AM

11. 2%??

The payroll tax "holiday" was only for 2%, a portion of the FICA contribution employees pay toward their social security and medicare benefits.

If your paycheck went up by $80, then that suggests you're normally making $4,000 every two weeks, or $2,000 a week or approximately $100,000 a year.

Sorry, Charlie, no pity from me.

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Response to michigandem58 (Original post)

Mon Jan 14, 2013, 10:13 AM

12. You make $96,000 a year?

Congratulations!

Since the FICA holiday added 2% to your obligation, and you are now paying $160 more a month, that means you're paying $1920 more a year. That would mean your base pay is $96,000 a year. I think most people here would certainly consider that "middle class."

But you said "biweekly check." That would mean you actually receive 26 of these checks a year - it's not just twice a month. In that case, you will actually pay $2080 more a year ($80 * 26), which means you actually make $104,000 a year!

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Response to michigandem58 (Original post)

Mon Jan 14, 2013, 10:14 AM

15. .

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Response to michigandem58 (Original post)

Mon Jan 14, 2013, 10:15 AM

16. You are surprised it went down or

surprised by the amount?

It was pretty well known that the SS tax "holiday" would expire on Jan. 1 of this year, it has been discussed here certainly, and has been reported in many of the media outlets (cable, newspapers, etc.)

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Response to michigandem58 (Original post)

Mon Jan 14, 2013, 10:15 AM

17. If I do the math correctly...

... since your SS withholding returned to it's correct rate, which is 2% higher than you have been paying, that means your pretax earnings are $2000.00 a week.

Oh my, you really are struggling, aren't you?


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Response to michigandem58 (Original post)

Mon Jan 14, 2013, 10:15 AM

18. Down $80 out of what? n/t

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Response to michigandem58 (Original post)

Mon Jan 14, 2013, 10:16 AM

19. It went into your retirement fund

As in , Social Security. Remember that when the nice republicans on TV tell you that they have to cut Social Security. They are cutting something you are paying for already.

You will get it back, and more, when you retire. Unless the nice folks on TV and in congress get their way and give it to the military contractors and rich folks instead.

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