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Nelson_Mandela 01/16/20 9:19:49 AM #1: |
Despite getting a raise at the end of the year, my paycheck is now less than it was previously because of a change in payroll taxes. I suggest everyone with direct deposit take a look and compare to their previous statement as well.
For some reason I don't see anyone else talking about this on the internet. --- "A more mature answer than I expected."~ Jakyl25 "Sephy's point is right."~ Inviso ... Copied to Clipboard!
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foolm0r0n 01/16/20 9:25:30 AM #2: |
FICA always goes up every year so combined with inflation, if you're not getting at least a ~6% raise every year, you'll lose money. Not really surprising.
--- _foolmo_ 2 + 2 = 4 ... Copied to Clipboard!
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Nelson_Mandela 01/16/20 9:42:47 AM #3: |
foolm0r0n posted...
FICA always goes up every year so combined with inflation, if you're not getting at least a ~6% raise every year, you'll lose money. Not really surprising.I received more than a 6% raise and still had a lower paycheck. I also do not think it's true that it increases yearly--I don't remember this happening last year, nor do I remember other co-workers being this confused and angry. --- "A more mature answer than I expected."~ Jakyl25 "Sephy's point is right."~ Inviso ... Copied to Clipboard!
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Nelson_Mandela 01/16/20 9:46:39 AM #4: |
Apparently the maximum SS contribution increased in 2020, so paychecks will be lower until you hit the cap.
I hate the god damn government. --- "A more mature answer than I expected."~ Jakyl25 "Sephy's point is right."~ Inviso ... Copied to Clipboard!
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KingButz 01/16/20 10:09:54 AM #5: |
The maximum goes up every year at a rate that is indexed to something similar to salary budget increases.
Just be glad there is a maximum at all! --- rip imgcake ... Copied to Clipboard!
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Nelson_Mandela 01/16/20 10:15:38 AM #6: |
KingButz posted...
The maximum goes up every year at a rate that is indexed to something similar to salary budget increases.Yikes I think I had initial sticker shock this year because I put my wife on my insurance, so the discrepancy at the reset was way starker. --- "A more mature answer than I expected."~ Jakyl25 "Sephy's point is right."~ Inviso ... Copied to Clipboard!
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SeabassDebeste 01/16/20 10:22:55 AM #7: |
the maximum contribution to SS rule doesn't really make sense to me, but your paycheck will probably increase partway through the year
--- yet all sailors of all sorts are more or less capricious and unreliable - they live in the varying outer weather, and they inhale its fickleness ... Copied to Clipboard!
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Nelson_Mandela 01/16/20 10:26:28 AM #8: |
Taxation is theft!!!
--- "A more mature answer than I expected."~ Jakyl25 "Sephy's point is right."~ Inviso ... Copied to Clipboard!
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NowItsAngeTime 01/16/20 11:06:28 AM #9: |
Oh ok cool wasnt just me
--- I have been more into visual novels and learning Japanese recently. With some fighting games and Switch games on the side. https://twitter.com/superange128 ... Copied to Clipboard!
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Waluigi1 01/16/20 11:37:15 AM #10: |
Nelson_Mandela posted...
Taxation is theft!!!It really is... like why do I have to give the government 8.25% of almost all money I spend when they already steal money from every paycheck??? --- PSN, and GT: Waluigi1 Switch FC: SW-6848-3841-9099 ... Copied to Clipboard!
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MZero11 01/16/20 11:39:27 AM #11: |
I discovered my paychecks are gone cause I got laid off in November
I think that qualifies as lower --- MZero, to the extreme Listen to Advokaiser's bracket, this may be our last chance ... Copied to Clipboard!
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Lolo_Guru 01/16/20 5:13:27 PM #12: |
We've gone to mandatory weekends, every weekend in the new year.
So mine is higher, but at what cost? --- Lolo ... Copied to Clipboard!
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LordoftheMorons 01/16/20 6:31:55 PM #13: |
Another victim of the Trump tax cuts!
--- Congrats to Advokaiser for winning the CBX Guru Challenge! ... Copied to Clipboard!
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GoldSlime35 01/17/20 12:25:42 AM #14: |
There is no way this has anything to do with Social Security. The maximum limit went up, but the rate is fixed.
What state are in you in? Although I can't see any state adjustments causing you to get a 6% raise and have your paycheck go down. Either your medical premiums or 401k contribution percentage (or another paycheck withholding) went up significantly, or your filing status on your W-4 was changed. Or your employer screwed up somewhere, so talk to your payroll department. ... Copied to Clipboard!
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ffmasterjose 01/17/20 12:28:56 AM #15: |
I really hate being forced to pay into a system that isnt gonna be around when/if I get old enough to use it
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LordoftheMorons 01/17/20 12:30:26 AM #16: |
ffmasterjose posted...
I really hate being forced to pay into a system that isnt gonna be around when/if I get old enough to use itYou might not get back what you put in, but itll still be around. --- Congrats to Advokaiser for winning the CBX Guru Challenge! ... Copied to Clipboard!
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ffmasterjose 01/17/20 12:37:35 AM #17: |
Dont they also keep raising the retirement age tho? Shits gonna be like 75 to retire by the time I get there.
... Copied to Clipboard!
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Menji 01/17/20 12:41:32 AM #18: |
Is this just a stealth "I'm making six figs" topic
That's the only reason you'd notice the FICA change --- Menji+ https://imgur.com/F5UEyUw | https://imgur.com/pPZsSZU Congrats to Advokaiser! [ https://myanimelist.net/profile/Menjii ] ... Copied to Clipboard!
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Arti 01/17/20 12:49:30 AM #19: |
ITT: guy makes over $130k a year but still doesn't know how the FICA tax works
--- ... Copied to Clipboard!
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ChaosTonyV4 01/17/20 1:03:04 AM #20: |
Aww poor sephie
--- Phantom Dust. "I'll just wait for time to prove me right again." - Vlado ... Copied to Clipboard!
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Mr Lasastryke 01/17/20 1:32:05 AM #21: |
sephyg: i love trump
also sephyg: i hate the god damn government --- Geothermal terpsichorean ejectamenta ... Copied to Clipboard!
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foolm0r0n 01/17/20 9:42:58 AM #22: |
GoldSlime35 posted...
There is no way this has anything to do with Social Security. The maximum limit went up, but the rate is fixed.That's literally raising it (unless you're below the limit) How is this so hard to understand? --- _foolmo_ 2 + 2 = 4 ... Copied to Clipboard!
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KingButz 01/17/20 11:30:14 AM #23: |
So the way it works is you pay OASDI until your taxable wages reach the limit, and then the rest of the year you don't. So if you reach 137.7k in September, then your paycheck will increase for the rest of the year.
--- rip imgcake ... Copied to Clipboard!
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GoldSlime35 01/17/20 8:40:01 PM #24: |
foolm0r0n posted...
That's literally raising it (unless you're below the limit) Social Security is still 6.2%, it just phases out at a higher number. The only way he could notice this in January is if he's already made 130K this month. Even if he did, his next paycheck would go up drastically. ... Copied to Clipboard!
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KingButz 01/17/20 10:28:07 PM #25: |
He would notice it now because in December he wasn't paying OASDI and now in January he is. But that doesn't have anything to do with the limit changing. Anyone making more than 133k would notice.
--- rip imgcake ... Copied to Clipboard!
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GoldSlime35 01/17/20 10:52:14 PM #26: |
True, but it it sounded more like he had the same paycheck amount every week last year. In that case, it would happen every year in January
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Nelson_Mandela 01/17/20 10:53:54 PM #27: |
GoldSlime35 posted...
True, but it it sounded more like he had the same paycheck amount every week last year. In that case, it would happen every year in JanuaryIt did happen last year and the years before. This year just happened to coincide with a large raise last month, so the discrepancy was way more. --- "A more mature answer than I expected."~ Jakyl25 "Sephy's point is right."~ Inviso ... Copied to Clipboard!
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