As part of the extension of the Bush tax cuts, Social Security payroll tax will drop from 6.2 percent to 4.2 percent. That means you'll be taking home more money each paycheck, even if your stingy employer has frozen your wages.
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Im retired (26 years) US Army over 65years old. I get full medical coverage for my wife and myself through TriCare for Life (US Army) and or the VA. That is untill you turn 65 then the US Government takes out of your SS for medcare and medaid if you need it or use it or NOT. That is a NET DECREASE of -$210/month or approximately -12%.
ReplyDelete26 years of honor and service to Politions that display none.
God save the Union.
And the hole gets deeper.
ReplyDeleteJoe, I had to come back to this article today because of what I learned today.
ReplyDeleteWe use a payroll company to do our payroll for our small business. I went online to look up the invoice for this week's payroll and I was surprised!
Yes, the Social Security decrease is reflected, however, the Federal Withholding went UP!! It increased MORE than the decrease in the SS.
Now, who hid this from all of us?
I didn't hear anything about a tax increase, did you? Did anyone?
One employee actually takes home 59cents LESS now, based on a gross pay of $520/week with claiming 1 exemption.
I think a whole lot of people are in for a BIG surprise come payday!
They're not going to get that money at all!