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fescuerescue

(4,448 posts)
Thu Feb 1, 2018, 01:25 PM Feb 2018

Got my new paycheck today with new withholding.

Last edited Thu Feb 1, 2018, 03:02 PM - Edit history (1)

My withholding went to $399.26 (weekly) from $466.50 . (paid weekly)

What a pittance. I get a whole $67, while billionaires get millions.

Thanks for the crumbs!

95 replies = new reply since forum marked as read
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Got my new paycheck today with new withholding. (Original Post) fescuerescue Feb 2018 OP
Check that they aren't underwitholding Loki Liesmith Feb 2018 #1
They didn't give you a new W-4? yallerdawg Feb 2018 #5
You don't have to fill out a new W-4 Dragonfly64 Feb 2018 #17
What if the employee wants to have more withheld? yallerdawg Feb 2018 #20
Your payroll department leftynyc Feb 2018 #21
Because the tax rate goes down across the board. B2G Feb 2018 #22
You need to figure that out yourself marylandblue Feb 2018 #29
That's not the way this works. B2G Feb 2018 #31
There's a line on the w-4 for "additional witholding" marylandblue Feb 2018 #40
I know that. B2G Feb 2018 #42
I read that they padded it somehow this time marylandblue Feb 2018 #43
They cut deductions on the back end, too. yallerdawg Feb 2018 #49
The personal deductions are gone DeminPennswoods Feb 2018 #72
No. The new withholding just appeared. fescuerescue Feb 2018 #74
Also IRS has not yet released the 2018 w-4 form. aidbo Feb 2018 #91
"$XXXXX.XX" yallerdawg Feb 2018 #92
But if you invest that $67 per week for 12,000 years, guillaumeb Feb 2018 #2
574 years lapfog_1 Feb 2018 #6
I actually used the number 12,000 in an attempt at humor. guillaumeb Feb 2018 #9
I think lapfog was using humor, too davekriss Feb 2018 #44
Bingo+ lapfog_1 Feb 2018 #95
yes I know. lapfog_1 Feb 2018 #55
That my very point! imanamerican63 Feb 2018 #3
Those aren't crumbs. NCTraveler Feb 2018 #4
Wait until they cut SS, Medicare and octoberlib Feb 2018 #13
That's the argument. NCTraveler Feb 2018 #15
Woe to the party that raises taxes MichMary Feb 2018 #56
works out to $3,474 a year lapfog_1 Feb 2018 #23
If the OP is earning about $15/hour it sure is! LeftInTX Feb 2018 #24
He said his mindem Feb 2018 #32
He said his withholding went from $399 to $466 LeftInTX Feb 2018 #38
Not at all lapfog_1 Feb 2018 #59
No, you are wrong. WillowTree Feb 2018 #64
I said the federal withholding went from $466 lapfog_1 Feb 2018 #68
Another solid argument. NCTraveler Feb 2018 #25
I got 15 bucks every 2 weeks. 360/year. That is crumbs sarah FAILIN Feb 2018 #27
Again, check your stub in 2 weeks. B2G Feb 2018 #33
No, my company implemented them early sarah FAILIN Feb 2018 #37
How did they do that? nt B2G Feb 2018 #39
They sent an email to us sarah FAILIN Feb 2018 #51
Quickbooks pushed the tables out about Jan 20 stopwastingmymoney Feb 2018 #57
Yep my company sent out a note Dem_4_Life Feb 2018 #58
And your story is the more common story lapfog_1 Feb 2018 #62
With the rate that prices on, well, everything, continues to go up Proud Liberal Dem Feb 2018 #30
Completely dependent on other factors. NCTraveler Feb 2018 #41
Especially if the unintended consequence of this tax break lapfog_1 Feb 2018 #65
I think they meant that their *takehome* went from $399.26 to $466.50. WillowTree Feb 2018 #47
You are correct. NCTraveler Feb 2018 #53
I did not read it that way... lapfog_1 Feb 2018 #70
You are correct fescuerescue Feb 2018 #76
OP's withholding went down DeminPennswoods Feb 2018 #75
I get to pay $1000 a year more on my FIXED income of Social Security and sinkingfeeling Feb 2018 #60
Another solid argument. NCTraveler Feb 2018 #63
The loss of personal exemption is offset by an increase in DeminPennswoods Feb 2018 #78
As a single person, why would I want to take a standard deduction of $12,000 sinkingfeeling Feb 2018 #80
In your case, you wouldn't DeminPennswoods Feb 2018 #82
The crumbs comment comes from who ends up getting the cookie! Freethinker65 Feb 2018 #77
AND Iliyah Feb 2018 #7
How do you figure? WillowTree Feb 2018 #54
k and r..nt Stuart G Feb 2018 #8
If the withholding went from $399.26 to $466.50, your paycheck would go DOWN by $67 nt karynnj Feb 2018 #10
I edited for clarity. fescuerescue Feb 2018 #71
Makes sense :) karynnj Feb 2018 #79
Is that with the new tables or old? B2G Feb 2018 #11
Thank you. octoberlib Feb 2018 #14
lucky you, we get 64.82 extra per month gopiscrap Feb 2018 #12
Well, MichMary Feb 2018 #66
you don't understand? Skittles Feb 2018 #85
Can't help but think Windy City Charlie Feb 2018 #16
Enjoy it while it last. Its temporary for you TeamPooka Feb 2018 #18
Which party will MichMary Feb 2018 #67
"Tax the rich" is a winning motto. They just got huge cuts. TeamPooka Feb 2018 #83
Actually... stevenelijah Feb 2018 #19
$268 a month is crumbs to you? Must be nice. LexVegas Feb 2018 #26
ikr obamanut2012 Feb 2018 #45
that's a 15% reduction in withholding. i rather doubt most people's tax bill will go down that much unblock Feb 2018 #28
That's actually a really good point. fescuerescue Feb 2018 #73
I got 15 bucks every 2 weeks. 360/year. That is crumbs sarah FAILIN Feb 2018 #34
new tables Historic NY Feb 2018 #35
We should be careful, there are many examples of Nancy Pelosi and others parkerMcDavis Feb 2018 #36
I would love to get an extra $67 a week! Kaleva Feb 2018 #46
Tax rate always goes down January 1st MacKasey Feb 2018 #48
I remember in the 80s when Reagan gave the military a pay raise demigoddess Feb 2018 #50
This whole "crumbs" narrative is dangerous Dreamer Tatum Feb 2018 #52
That's not great but better than nothing. It looks like we'll get an extra $60 a month Luciferous Feb 2018 #61
To the run of the mill Fox news idiot $67.00 is a lot and they are happy the pukes are looking out Autumn Feb 2018 #69
question burnbaby Feb 2018 #81
And next year, you will owe more in taxes. alarimer Feb 2018 #84
people are so easily fooled Skittles Feb 2018 #86
So basically $250 per month titaniumsalute Feb 2018 #87
MFJ fescuerescue Feb 2018 #88
Check the math Gothmog Feb 2018 #89
That wouldn't surprise me at all. fescuerescue Feb 2018 #93
Nope sorry it's crumbs compared to what taxes are getting cut where and for whom. nt Kirk Lover Feb 2018 #90
Gas is up 15% in 45 days. moondust Feb 2018 #94

Dragonfly64

(41 posts)
17. You don't have to fill out a new W-4
Thu Feb 1, 2018, 01:43 PM
Feb 2018

because your withholding hasn't changed -- the tax rate tables have.

yallerdawg

(16,104 posts)
20. What if the employee wants to have more withheld?
Thu Feb 1, 2018, 01:47 PM
Feb 2018

And how sure should the employee be that enough is being withheld so there is no tax due next year?

Or the tax return remains as anticipated?

 

B2G

(9,766 posts)
22. Because the tax rate goes down across the board.
Thu Feb 1, 2018, 01:49 PM
Feb 2018

Not just on your paycheck but when you file your returns.

It's the same reduction.

marylandblue

(12,344 posts)
29. You need to figure that out yourself
Thu Feb 1, 2018, 02:11 PM
Feb 2018

I read somewhere they deliberately reduced the witholding amount too much, so you get more now and pay later. So you need to estimate your tax now and if they aren't witholding enough, fill out a new w-4 including additional witholding. Most people won't bother with this but the bill won't be due until after the election. What a crock!

 

B2G

(9,766 posts)
31. That's not the way this works.
Thu Feb 1, 2018, 02:13 PM
Feb 2018

Withholding is based strictly on the tax tables. The same one used to calculate your taxes.

It's not padded. You can only effect the amount withheld based on the deductions stated in your W4.

marylandblue

(12,344 posts)
40. There's a line on the w-4 for "additional witholding"
Thu Feb 1, 2018, 02:21 PM
Feb 2018

If, for whatever reason you want them to withold more than your deductions allow.

 

B2G

(9,766 posts)
42. I know that.
Thu Feb 1, 2018, 02:23 PM
Feb 2018

But withholding amounts are not 'padded' by the government to trick you into getting a bigger pay check and paying more when you file, which is what you stated.

That is completely within your control with your W4 deductions.

marylandblue

(12,344 posts)
43. I read that they padded it somehow this time
Thu Feb 1, 2018, 02:26 PM
Feb 2018

And it may be true in my case. I got a huge bump in my take home pay, I was really surprised because it should not have been that much. Now I need go figure out if it's right or not.

yallerdawg

(16,104 posts)
49. They cut deductions on the back end, too.
Thu Feb 1, 2018, 02:30 PM
Feb 2018

What I heard was it will come clear when the 2018 tax books come out. In 2019.

DeminPennswoods

(15,268 posts)
72. The personal deductions are gone
Thu Feb 1, 2018, 03:04 PM
Feb 2018

You have to make sure to calculate your correct withholding if you were claiming more or fewer personal exemptions to cover for things like mortgage payments, investment income, etc. If you don't, you are either going to get a big refund or owe a lot and possibly have to pay a penalty on top as well.

lapfog_1

(29,194 posts)
6. 574 years
Thu Feb 1, 2018, 01:32 PM
Feb 2018

we should be accurate with math.

Multi = >1

2,000,000 / 67 = 29,851 paychecks.

Assuming 52 weekly paychecks a year... 574 years.

davekriss

(4,616 posts)
44. I think lapfog was using humor, too
Thu Feb 1, 2018, 02:27 PM
Feb 2018

See, even if we calculate it precisely, this tax cut is absurd. It actually represents class theft, because to pay for the tax cuts for giant corporations, the owners of these corporations, the 0.1%, many other services will be cut or reduced. Including social security and medicare.

(When those special treasury bonds begin to be redeemed -- you know, the surplus we paid for starting 1983 -- that comes out of general revenue. Thus the coming tsunami of attacks on all things that benefit people other than the top 1%, including social security.)

lapfog_1

(29,194 posts)
55. yes I know.
Thu Feb 1, 2018, 02:38 PM
Feb 2018

but 574 years is both accurate AND has the value of being funny and sad at the same time.

 

NCTraveler

(30,481 posts)
4. Those aren't crumbs.
Thu Feb 1, 2018, 01:31 PM
Feb 2018

That's real money. A pretty big deal. Calling it crumbs is a pretty poor strategy.

I understand a little better considering your WITHHOLDING alone was $466.50/week. I assume you mean Federal Withholding. Wow. Solid pay.

octoberlib

(14,971 posts)
13. Wait until they cut SS, Medicare and
Thu Feb 1, 2018, 01:37 PM
Feb 2018

Medicaid to pay for it. Also in 2027 people who make less than 200,000 a year will see their taxes go up. This’ll be fixed by then , though.

 

NCTraveler

(30,481 posts)
15. That's the argument.
Thu Feb 1, 2018, 01:39 PM
Feb 2018


Along with the new CBO suggestion that the debt ceiling be increased sooner rather than later.

lapfog_1

(29,194 posts)
23. works out to $3,474 a year
Thu Feb 1, 2018, 01:51 PM
Feb 2018

not crumbs to anyone... but the OP is also correct... not life-changing either.

I would be very careful with that $67 a week as I suspect the withholding calculation is possibly inaccurate and I would hate to owe money in April 2019.

The other things to think about is what will increase as a result of this tax cut. For example, if you live in one of the states with significant state and local taxes and you are used to deducting those taxes on your federal return, you might not even be getting any sort of tax break.


I'm going to guess but if my math isn't way off the OP makes around $80,000 a year. $3,474 is a 4% tax break. Certainly not millions, but not chump change.

Before we all get excited about that 3 or 4 percent tax break, remember what we are losing as a society ( education environment infrastructure social services etc )

Also remember that the government is having to BORROW more money ( yet to be determined how much but the LOW end is $1.5T ) just to fund the things they haven't cut AND they have more spending bills coming to increase military spending. That much borrowing will impact the cost of money for all of us, even those who don't borrow money because we buy things and the companies who make those things DO borrow money so the increased cost of money will factor into the prices we pay.

Economic modeling is very difficult. Monkeying around with tax policy and trade policy and we will see all kinds of unintended consequences.

LeftInTX

(25,155 posts)
24. If the OP is earning about $15/hour it sure is!
Thu Feb 1, 2018, 02:04 PM
Feb 2018

It means an increase of about 14%.

However, the OP is not specific enough.

A paycheck of $466 is equivalent to about $15/hour

The OP is too vague.

mindem

(1,580 posts)
32. He said his
Thu Feb 1, 2018, 02:13 PM
Feb 2018

"withholding" was $466. If his withholding is that much he is making a pretty decent income.

LeftInTX

(25,155 posts)
38. He said his withholding went from $399 to $466
Thu Feb 1, 2018, 02:19 PM
Feb 2018

If this is the case, his withholding increased.

Then, he says his paycheck increased by $67.

The OP...is too, too vague

lapfog_1

(29,194 posts)
59. Not at all
Thu Feb 1, 2018, 02:44 PM
Feb 2018

Federal withholding went from $466 to $399 for a $67 a week increase in net pay.

Assuming a few standard deductions, etc... one can extrapolate ( and I said it was a guess ) to an annual salary of $80K ( assuming around a 30 percent marginal rate ). To really know we would have to know what he or she filed on the W-2.

WillowTree

(5,325 posts)
64. No, you are wrong.
Thu Feb 1, 2018, 02:49 PM
Feb 2018

If the withholding was increased, then the takehome would be less than before, not more.

lapfog_1

(29,194 posts)
68. I said the federal withholding went from $466
Thu Feb 1, 2018, 02:54 PM
Feb 2018

to $399... that is a DECREASE in withholding, not an increase.

That decrease resulted in a net pay increase of $67 a week... or $3484 a year.

 

NCTraveler

(30,481 posts)
25. Another solid argument.
Thu Feb 1, 2018, 02:04 PM
Feb 2018

It's what we have to do. People lining up to call this amount of money "crumbs" isn't a winning proposition.

These crumbs will be disappearing over the years(if the crumbs aren't a part of something else as you have outlined), as the higher end cuts stay, and we will be straddled with the burden in the end anyway.

I really think the CBO statement is also an important tool for us.

https://www.cbo.gov/publication/53514

This can be put into a soundbite.

sarah FAILIN

(2,857 posts)
27. I got 15 bucks every 2 weeks. 360/year. That is crumbs
Thu Feb 1, 2018, 02:09 PM
Feb 2018

I am considered "salary" so no overtime for me but only make in the 40 k area. Another 30 bucks a month is not worth selling out my kids future.

sarah FAILIN

(2,857 posts)
37. No, my company implemented them early
Thu Feb 1, 2018, 02:18 PM
Feb 2018

Also, I checked it by the dollars held back as tax from November and December till now. Since my salary is always the same, it's easy to see the difference.

sarah FAILIN

(2,857 posts)
51. They sent an email to us
Thu Feb 1, 2018, 02:32 PM
Feb 2018

It said they were getting it implemented before the deadline and that this was our first check with it. I 'm sure they just got the numbers and ran with it. The deadline is a deadline, not a starting point from what I understood.
I got my first check day before yesterday so it doesn't seem like a big deal.

stopwastingmymoney

(2,041 posts)
57. Quickbooks pushed the tables out about Jan 20
Thu Feb 1, 2018, 02:43 PM
Feb 2018

I ran a payroll on the 25th with new tables and was able to compare a few.

The 1200 paycheck had 37 less in wh and the 2600 check had 75 less

That said, wh tables are considerably simpler than your tax return and you may end up owing at tax time.

This happened with the 2003 tax cut

Dem_4_Life

(1,765 posts)
58. Yep my company sent out a note
Thu Feb 1, 2018, 02:44 PM
Feb 2018

That the new tax tables became effective on Jan. 11, 2018 so the difference that you will see on your next paycheck will also include the adjustment to the prior payroll dated Jan. 19.

My favorite part of the note also said:
Your Payroll and Human Resources partners cannot offer any tax advice but in the weeks ahead, the IRS will be providing more information to better understand and review the changes. You can visit their website throughout the year for helpful information and to access the new withholding tax calculator to help you determine what your withholding should be. They plan to release this by the end of February. The IRS website is www.irs.gov.

Either way mine went up by about $20.

lapfog_1

(29,194 posts)
62. And your story is the more common story
Thu Feb 1, 2018, 02:46 PM
Feb 2018

Or as someone stated during the tax debate... about enough to buy a Starbucks once a week.

Proud Liberal Dem

(24,396 posts)
30. With the rate that prices on, well, everything, continues to go up
Thu Feb 1, 2018, 02:11 PM
Feb 2018

that money will evaporate quicker than you might think.

 

NCTraveler

(30,481 posts)
41. Completely dependent on other factors.
Thu Feb 1, 2018, 02:21 PM
Feb 2018

Even under you thoughts it isn't crumbs.

"that money will evaporate quicker than you might think."

I made no argument to it's staying power. Simply pointed out that thousands a year is not chump change and that promoting it as such is a flawed argument.

I do think inflation is about to rise at a quicker rate. There are serious concerns over it right now. That alone is one of the reasons the market was negatively impacted earlier this week.

http://www.todayonline.com/world/fed-leaves-rates-unchanged-sees-inflation-firming

lapfog_1

(29,194 posts)
65. Especially if the unintended consequence of this tax break
Thu Feb 1, 2018, 02:49 PM
Feb 2018

is to push the inflation rate up even a point or two. And I expect that it will.

Could be a lot worse... suppose China decides that holding onto all that debt they hold in the form of US Tbills is simply not worth it anymore and they decide to dump it ( it wouldn't serve them to do that as they would lose 100s of billions ) HOWEVER as an "act of war" against the idiot in the White House, they could decide to lose the money. That would put us into a depression worse than the 1930s.

WillowTree

(5,325 posts)
47. I think they meant that their *takehome* went from $399.26 to $466.50.
Thu Feb 1, 2018, 02:29 PM
Feb 2018

Think about it. If the withholding was increased by that amount, the paycheck would actually be $67 less than it was before which doesn't make any sense. I think it was just a slip.

 

NCTraveler

(30,481 posts)
53. You are correct.
Thu Feb 1, 2018, 02:34 PM
Feb 2018

I should have paid enough attention to recognize that. It actually makes the thousands even more significant on a personal level than I had originally thought. Not that we/they won't be paying for it later. We all will be.

Thanks for pointing out the detail.

lapfog_1

(29,194 posts)
70. I did not read it that way...
Thu Feb 1, 2018, 03:02 PM
Feb 2018

"My withholding went from to $399.26 (weekly) from $466.50 . (paid weekly)"

so there is the "typo" in this line... "from to".

I read it as "My withholding went TO $399.26 (weekly) FROM $466.50 . (paid weekly)"

Deleted the "to" and added empahsis.

fescuerescue

(4,448 posts)
76. You are correct
Thu Feb 1, 2018, 03:05 PM
Feb 2018

And I edited out the extra "to" which confused everyone.

For privacy, I did not include take home pay, nor gross. Just how the Federal deduction changed.

sinkingfeeling

(51,438 posts)
60. I get to pay $1000 a year more on my FIXED income of Social Security and
Thu Feb 1, 2018, 02:45 PM
Feb 2018

pension with the elimination of personal deduction and caps on local/property taxes.

 

NCTraveler

(30,481 posts)
63. Another solid argument.
Thu Feb 1, 2018, 02:48 PM
Feb 2018

This tax law is and will be devastating. For all of us.

I would never refer to the additional thousand you have to pay as "crumbs". Yet over three times that much is being referenced as just that. This is real money and I'm sorry we are going to have to go through it together. We will keep fighting to change it.

DeminPennswoods

(15,268 posts)
78. The loss of personal exemption is offset by an increase in
Thu Feb 1, 2018, 03:07 PM
Feb 2018

standard deduction. It's a net gain of about $2000. Unless your property taxes are over $10,000/yr, you can still deduct 100% of them if you itemize.

sinkingfeeling

(51,438 posts)
80. As a single person, why would I want to take a standard deduction of $12,000
Thu Feb 1, 2018, 03:15 PM
Feb 2018

when my itemized deductions exceed $18,000? So I lost the $4050 personal exemption and my state/local taxes are capped to $10,000.

Freethinker65

(10,002 posts)
77. The crumbs comment comes from who ends up getting the cookie!
Thu Feb 1, 2018, 03:07 PM
Feb 2018

Yes, you will see some $ in your paycheck (decrease in tax withholding) if everything else from the last year stays the same (no increase in health insurance buy in premiums, etc.).

However, the "crumbs" comment comes from who gets the major share of the tax cut (or the cookie). And that would be the wealthiest that will be saving tens of thousands of dollars or more. That $$$ paid for a lot of social services, healthcare subsidies, infrastructure, military and security, environmental protection, public education, etc. that we all rely on. It will dramatically put a hole in the federal budget which will either lead to increased borrowing and spending (National debt which we all end up paying for) or more cuts in programs (especially social programs like social security, Medicare, and Medicaid).

When talking about "crumbs" please do not forget to talk about the "cookie".


There was a great cartoon about this a few years ago.

fescuerescue

(4,448 posts)
71. I edited for clarity.
Thu Feb 1, 2018, 03:03 PM
Feb 2018

The new withholding is the smaller number which has the effect of increasing take home by $67

 

B2G

(9,766 posts)
11. Is that with the new tables or old?
Thu Feb 1, 2018, 01:34 PM
Feb 2018

My understanding is they are effective today, but that would have been for time worked in January before the new tables went into effect.

gopiscrap

(23,726 posts)
12. lucky you, we get 64.82 extra per month
Thu Feb 1, 2018, 01:35 PM
Feb 2018

but deduct an extra 41.00 in additional health insurance premiums and an additional 9.08 in condo real estate tax per month and an extra 2.00 per month in condo insurance and an extra 7.50 in condo fees per month...so I made a whopping $5.32 per month

MichMary

(1,714 posts)
66. Well,
Thu Feb 1, 2018, 02:50 PM
Feb 2018

your condo taxes, insurance, fees, and health insurance would have gone up anyway, so you are still $64.82 ahead.

Don't understand why people are so upset about getting more of their own $$$ back. I cringed when I heard Speaker Pelosi refer to bonuses and bigger paychecks as "crumbs."

Skittles

(153,122 posts)
85. you don't understand?
Thu Feb 1, 2018, 04:23 PM
Feb 2018

Last edited Thu Feb 1, 2018, 09:43 PM - Edit history (2)

it's going to drive up debt and give repukes ammunition to destroy Social Security and Medicare


Windy City Charlie

(1,178 posts)
16. Can't help but think
Thu Feb 1, 2018, 01:41 PM
Feb 2018

That all of this is some sort of advanced payment on future taxes. Can't help but think this will all be coming back out of our pockets and thensome at some point in the future.

TeamPooka

(24,210 posts)
18. Enjoy it while it last. Its temporary for you
Thu Feb 1, 2018, 01:45 PM
Feb 2018

Enjoy it while it last. It’s temporary for youBut permanent for corporations

MichMary

(1,714 posts)
67. Which party will
Thu Feb 1, 2018, 02:53 PM
Feb 2018

raise taxes on individuals?? Whichever one does, loses BIG TIME in the following election.

unblock

(52,126 posts)
28. that's a 15% reduction in withholding. i rather doubt most people's tax bill will go down that much
Thu Feb 1, 2018, 02:10 PM
Feb 2018

i recommend setting some of it aside for next april 15....

fescuerescue

(4,448 posts)
73. That's actually a really good point.
Thu Feb 1, 2018, 03:04 PM
Feb 2018

If my liability doesn't go down by 15%. I'm going to be in deep doo doo at the end of the year.

 

parkerMcDavis

(58 posts)
36. We should be careful, there are many examples of Nancy Pelosi and others
Thu Feb 1, 2018, 02:18 PM
Feb 2018

in the Democratic party absolutely praising Obama's $40 payroll tax cut during his first term. The right is putting this out front and center in the media.

Kaleva

(36,264 posts)
46. I would love to get an extra $67 a week!
Thu Feb 1, 2018, 02:29 PM
Feb 2018

That's $268 extra month. Would be nice to add that to my $1158 a month I get for SSDI.

It's funny what you very well off people here think of as crumbs.

MacKasey

(983 posts)
48. Tax rate always goes down January 1st
Thu Feb 1, 2018, 02:30 PM
Feb 2018

Everyone got more money in their paychecks because the tax rate drops back to 10% January 1st, not because of the tax cuts unless you make $10,000 in a weak

When you hit $10,000 is when you will see a differ of 3%, tax is going down from 15% to 12%. If you do not make more then $38,000 that is all the tax break you will see

That's the way I understand it

demigoddess

(6,640 posts)
50. I remember in the 80s when Reagan gave the military a pay raise
Thu Feb 1, 2018, 02:31 PM
Feb 2018

of 25%, they eliminated all or most of the allowances, like for extra expensive housing areas and flight pay etc. The net result was a 6 dollar pay raise. Hallelujah! NOT! The taxable base pay rose but actual take home pay didn't change. The end result was that for some people (until the republicans discovered their mistake) the retirement pay went way up for some people. HA HA! I guess they might have learned from their mistake, but they are doing the same thing again.

Dreamer Tatum

(10,926 posts)
52. This whole "crumbs" narrative is dangerous
Thu Feb 1, 2018, 02:33 PM
Feb 2018

It's not "crumbs." It's real money. There are probably several DUers who had gofundme's who would have been delighted with a little extra money in their checks.

Luciferous

(6,078 posts)
61. That's not great but better than nothing. It looks like we'll get an extra $60 a month
Thu Feb 1, 2018, 02:46 PM
Feb 2018

after we factor in the increase in our insurance.

Autumn

(44,986 posts)
69. To the run of the mill Fox news idiot $67.00 is a lot and they are happy the pukes are looking out
Thu Feb 1, 2018, 02:58 PM
Feb 2018

for them and giving them their money back that the government has been stealing from them. And Fox and the pukes will never mention what that paltry 67 dollars is costing them and the country. The people I see that are so happy on FB have no clue that this is temporary and harming SS while the money the wealthy and corporations get are permanent.

 

burnbaby

(685 posts)
81. question
Thu Feb 1, 2018, 03:18 PM
Feb 2018

you get an extra $134 a month. would you rather get $134 or owe $134 a month? if you would rather owe than i suggest you send $134 a month to your favorite charity

alarimer

(16,245 posts)
84. And next year, you will owe more in taxes.
Thu Feb 1, 2018, 04:07 PM
Feb 2018

This "windfall" is a small bribe for the election. But next year, when it no longer matters, people will owe.

I'm going to have more withheld from my check, just in case.

titaniumsalute

(4,742 posts)
87. So basically $250 per month
Thu Feb 1, 2018, 04:31 PM
Feb 2018

While that isn't too bad I guess I need to ask how you file? Did you also lose deductions when you file for 2018?

Gothmog

(144,951 posts)
89. Check the math
Thu Feb 1, 2018, 05:35 PM
Feb 2018

My son is an associate at a major firm and the new withholding tables would have resulted in him owing taxes at the end of the year.

fescuerescue

(4,448 posts)
93. That wouldn't surprise me at all.
Thu Feb 1, 2018, 06:06 PM
Feb 2018

I'm just referring to the withholding on my own check.

When I get some time, I'm going to build a model that shows what my year end tax will looking like after incorporating all the new changes and rates. Unfortunately, Ive yet to find an unbiased accurate model (the current ones ive seen, over simplify or omit items to push their particular narrative).
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