Notice that extra $11-13/week in your check... It's NOT a TAX CUT!!! Beware!

Discussion in 'General Discussion' started by ponycar17, Apr 20, 2009.

  1. ponycar17

    ponycar17 Active Member

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    I had heard this a while back and accused the person who told me of BS'ing me. I couldn't believe the government would do something this irresponsible with the tax code, and then I came back to reality. D'oh... :rolleyes:

    From http://www.lvrj.com/opinion/42378347.html

    In other words, the tax tables are not being changed next year to provide a true tax 'cut' as the Bush administration did in 2001 to help us recover from the recession of 2000. :rolleyes: :mad:

    Now, here's my take on it. This is just another way that the Obama administration has attempted to mislead the American public. You're getting what is essentially an interest-free loan until tax day next year. If you're like me and you try to get your family's withholding dead on so you either owe a little or have very little refunded then you could end up owing too much and be forced to pay Estimated Taxes every quarter next year. With the extra $10 per week the average Obama supporter will probably afford an extra couple of pairs of Birckenstocks a year. :rolleyes:

    IMPORTANT! - To avoid paying this next year, here's what to do. Find out how much 'extra' you got in your check. Fill out a W4 form with your employer and include that extra amount in the box that says "additional withheld". Indicate that the additional amount should only be applied to "Federal" taxes to your employer. Keep your exemptions the same as last year if you're satisfied with how last year's taxes worked out. This will save you from falling victim to Obama and Tax Cheat Geithner's plan to fool a lot of Americans. ;)

    This administration just keeps pulling off scams... :mad:
     
  2. bcj1755

    bcj1755 New Member

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    Does this also apply to the extra $25 per week that I"m now getting on unemployment? The whole reason I told NC to withhold taxes from my unemployment was to make sure I wouldn't owe any money to Uncle Sugar next year.
     

  3. ponycar17

    ponycar17 Active Member

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    Well, I think that applies more toward total income. If you got an effective $25 raise on unemployment from NC then I don't think that is going to apply here. You'll owe extra taxes because you made extra income. Look at your previous unemployment check before the $25 raise. If your federal withholding went DOWN even against the $25 raise then you'll likely also be affected. I'm not sure the state unemployment offices are complying with this withholding rule or not. :confused:
     
  4. Trouble 45-70

    Trouble 45-70 New Member

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    Check your numbers everyone. I did not deduct enough this year and was blessed with a penalty even though I payed in full by the deadline. Armed robery. They got their money and penalized me because they didn'l like the way I payed them. I guess they want the money early before inflation eats it up. Wonder when we have to start filing monthly, weekly with the Fed. producing a $Trillion out of thin air. Looks like they got away with it this time. They will be back.
     
  5. bcj1755

    bcj1755 New Member

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    The extra $25 (it's actually $21/week after Uncle Sugar gets done) is from Barry's "stimulus" bill. I was laid-off and started collecting unemployment before the "tax cut" went into effect (before the "stimulus" was passed actually).
     
  6. ponycar17

    ponycar17 Active Member

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    Here are two tools I use to compute mine and my wife's withholding from year to year. The Paycheck City link is excellent if you simply input the data from your pay stub. It will tell you exactly how changes in exemptions and filing status reflect on subsequent pay checks. A couple of things to note are that 401k contributions are federal and state exempt but not exempt from FICA. Medical insurance is exempt from federal, state and FICA. Some life insurance plans from your employer are 'after-tax' and are not exempt from any taxes but that's something you'd need to find out if your numbers don't work out on the website. It's important to get your numbers to come out correctly. Make sure you get the same results on the website and your pay stub in front of you before you start making changes to avoid problems later.

    http://www.paycheckcity.com/

    Use the free paycheck calculator.

    The Dinkytown link is useful only if you really understand how taxes are calculated. If you don't feel comfortable using it then you should probably just base your target withholding on what you paid last year in total federal taxes. That is, IF you expect your income to remain similar this year.

    http://www.dinkytown.net/java/Tax1040.html

    Enjoy... Protect your assets before they penalize your... Well, you know! :D
     
    Last edited: Apr 20, 2009
  7. ponycar17

    ponycar17 Active Member

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    Yeah, that will just work as if you made extra money. It's not in the same category as what I'm referring to as the topic of the post. :)

    ....At least I don't think so. The Socialists could have built in a way to screw you on unemployment too. ;)
     
  8. bcj1755

    bcj1755 New Member

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    Boy, you got THAT right:p

    Thanks for the info. Guess I could talk to a CPA or the unemployment office just to make sure.
     
  9. Lori Mick

    Lori Mick New Member

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    As long as your're having the percentage taken out of your unemployment, you should be ok.

    Of all the companies that I do payroll for, not one called me for the new paycheck changes. Even for myself, I kept the old amounts... I kinda knew they'd pull a fast one on us next year....
     
  10. ponycar17

    ponycar17 Active Member

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    Lori, my payroll department was shocked when I told them why I wanted more deducted. They didn't know the tax 'cuts' were not 'cuts' at all. I think I've started some discussion. :D
     
  11. Lori Mick

    Lori Mick New Member

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    Yes! And I'll pass this on to my boss too. I can have him check it out. With all the 'change' they keep tossing at us, it's hard to keep up!

    I even feel sorry for the banks! The rules for loans change daily and they can't keep up with it.....and then they get cursed for not giving loans! The government seems to enjoy creating all this mayhem!
     
  12. armedandsafe

    armedandsafe Guest

    They are giving us change each paychack. They are taking Trillions from us to pay for donations during the campaign. hmmmmm Maybe I should have sent Obamasiah $20 during his campaign. I could use an extra half million or so about now.

    Pops
     
  13. dge479

    dge479 New Member

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    Change you can believe in
     
  14. Vladimir

    Vladimir Active Member

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    You got me all excited there, until I realized I don't even get a paycheck anymore :D.
     
  15. ponycar17

    ponycar17 Active Member

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    Don't you worry buddy, your contribution has already been tabulated. It seems you likely owe nearly $40,000 and you're not even officially in the professional workforce as of yet... :eek: