Has anyone else's OASDI (Social Security & Medicare) withholdings jumped?

[HeadInSand]

Originally Posted by obama2012

It don't matter if their benefits are maxed out or not. Why should a guy making $30,000 have to pay 15% of his salary while a guy making $350,000 only pays out about 5 to 6%.

This whole "percentage" thing needs to stop too. Let's start talking in absolute dollar amounts. Because let's be honest, that's all that really matters.

Do the math and get back to me on that one.

[Fire Mike]

The effect on SS withholding is Obama's stimulus he passed some time ago. There's been no talk of extending it, with all this talk of fiscal cliff and such, so; it may well end this year. Depending on your income level, it can be a few dollars. Enjoy.

[BoycottTheDay]

Originally Posted by obama2012

You're right it's never. And since the USA has not gotten close to being a Marxist country, what's your point.

My point is you are clueless, nothing your boy is doing will do anything butt
bring us to civil war, then a reset, then i wont have to read anything you type
anymore, i guess there is a good side to anything.

[RickVA]

Originally Posted by obama2012

It don't matter if their benefits are maxed out or not. Why should a guy making $30,000 have to pay 15% of his salary while a guy making $350,000 only pays out about 5 to 6%.

The guy making 350k is paying the same % as the guy making 10k. This is money that goes into your SS account (HAHAHA, but that is how it is supposed to work). The 350k guy stops contributing at 119K because that is where the benefits max out. So are you saying you want someone to pay for their retirement account, and yours too?

In reality, the elected criminals have raided the SS fund to nothing and they use it as a tax revenue. But that still does not deter from the fact that this only a tax on the first 119k (if that is what is was last year) of earnings for benefits that have a max cap on them.

[brewmaster1918]

Originally Posted by TheGecko

So this whole SS thing got me thinking. My work just announced 3% pay raises on average for 2013. Yes I should be "happy" I am getting a raise at all, but along with the SS increase I will be effectively taking home 1% more pay. Oh whoops thats right my benefit cost across the board went up about 0.5% of my base pay. And I forgot to take into account inflation....

So the math works as follows:

Inflation - 4% (and I think it is actually higher but figure I can make some ground by eating beans and rice or changing my lifestyle)
Raise + 3%
SS - 2%
Benefits Increase -0.5%

Net Loss = -3.5%

And the downward spiral continues. (Both parties are to blame as they behave like children and support the same failed policies).

It's worse than that. The 2% social security increase, is on your gross income. The 3% raise you are getting will be taxed. That in itself will probably make your paycheck the same size. Now, with your benefit cost going up by 0.5%, you will be having a smaller paycheck. Your calculation showed your paycheck increasing by 0.5%. It will actually get smaller, then you need to factor in inflation.

I already figured out that between my wife and myself, we'll be getting over $220 less a month. This is going to hurt.

[BoycottTheDay]

No no this is going to help, i have no doubt recovery summer is right around the corner.

[Sloth9669]

Originally Posted by RickVA

The guy making 350k is paying the same % as the guy making 10k.

100% correct. They both pay 6.4% SSI tax on that 10k. You can't include all income above the 119k to say they pay a lower % to make your argument sound better.

It's either your lying to push an agenda or you just don't get math.

I'll assume it's a math problem so here goes:
I'll make it simple math.
Guy1: makes $100.00 pays 5.00 in SSI tax and gets 1.00 a month when retired.
Guy2: makes $200.00 pays 10.00 in SSI tax and gets 2.00 a month when retired.
***ASSUME THIS TAX MAXES AT $500 and Benifits max at 5.00 a month when retired. ***
Guy3 makes $500.00. Pays 25.00 in SSI tax and gets 5.00 a month when retired.
Guy4 makes $1000.00. Pays 25.00 in SSI tax and gets 5.00 a month when retired.

Funny how the same amount paid in equals the same amount paid out regardless of total income.

[Octomonkey]

I finally received my first raise in a long time, 3%. I get paid bi-weekly. My first paycheck with the raise was December 21. My second paycheck with the raise will be January 4. It is $2 more than my pre-raise paycheck from December 14. Thanks to the federal government, my 3% raise just became a $1/wk raise.

Kiss my ass, Washington.

[waterboy_75]

It don't matter if their benefits are maxed out or not. Why should a guy making $30,000 have to pay 15% of his salary while a guy making $350,000 only pays out about 5 to 6%.

OB2012, please don't take offence to my comment because your're not the nly 1 I would love to punch in the peanut holder...I had hoped that the end of the election cycle would put an end to these ignorant replies. To put it another way, just because you pay in 15% (your #'s) doesn't mean you pay 15% in taxes...remember that refund you get...figure it into the equation and see what you really pay!!!! I'm truely sick of the mindset and PPL believing everything the media tells them.

[Melting]

Originally Posted by obama2012

But it's still just 2%, as compared to last year. Right?

No, it went from about roughly 4.2% to 6.2%, an increase of 30% or 2% of your gross pay. if you make $500 a week, your taxes have gone up by $10 a week, or $500 each year.
Enjoy. No tax increases on anyone earning below 250,000, unless you make at least minimum wage.

[Melting]

Originally Posted by Octomonkey

I finally received my first raise in a long time, 3%. I get paid bi-weekly. My first paycheck with the raise was December 21. My second paycheck with the raise will be January 4. It is $2 more than my pre-raise paycheck from December 14. Thanks to the federal government, my 3% raise just became a $1/wk raise.

Kiss my ass, Washington.

Don't you want to give back? Don't you want to pay your fair share?

[brewmaster1918]

Originally Posted by waterboy_75

OB2012, please don't take offence to my comment because your're not the nly 1 I would love to punch in the peanut holder.

I must be a bad person because I think this line is hilarious.

[Throwinthetowel]

Being a single mom is hard enough. I just got a pay increase a few months ago after completing college credits. Now my pay raise will end up being about 10 dollars due to an increase of $65 per pay period on my checks. Seriously! When do I catch a break?

[Deadmeat99]

Got my first paycheck of the year today, it wasn't pretty. What's really interesting is that these earnings were from the pay period that ended on Dec 28, yet despite being earned last year were taxed at the NEW rate because they paid them to me this week. Gooooooo fed.gov!