My annual federal taxes went up $4200 overnight!

[Anonymous]

Federal taxes do not include SS. When republicans talk taxes, they do not include SS. This is why it was not included in the deal.

[Anonymous]

I thought taxes were only being raised on wealthy - sorry, I know snark is coming, I have not been reading that closely. Will that affect someone who makes only 45k? What about less? Thanks

[Anonymous]

Anonymous wrote:I thought taxes were only being raised on wealthy - sorry, I know snark is coming, I have not been reading that closely. Will that affect someone who makes only 45k? What about less? Thanks

If you make $45,000 in wages, you'll pay $900 more in payroll taxes this year than you did in the previous two years.

Some will argue, rightly, that you never really should have viewed that $900 tax break for the previous two years as a permanent benefit since it was always intended to be a temporary economic stimulus measure to help boost the economy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:For what it's worth, our HHI is about $160,000. Our taxes will "go up" (and they aren't going up, they are returning to the correct levels) about $1784 per year. That's $148 a month. I think we can swing it.

How do you calculate $1784? I thought the tax was on individual incomes, not combined HHI? We have $160K combined and assume a much higher "increase."

Sorry. I should have been clearer. My husband's income is 160,000. I am a SAHM.

[Anonymous]

http://blogs.wsj.com/economics/2013/01/01/payroll-tax-cut-expires-how-much-more-will-you-pay/

[Anonymous]

I estimate that my taxes went up $25,000 overnight. $4,200 payroll tax, $16,000 with the marginal tax increases, $5,000+ with the reinstatement of PEP and Pease.

OP, not sure why you think your friend is lying.

[Anonymous]

Op here, thank you for the informational comments. Facebook poster is one income family, his wife is SAHM. I should have mentioned that, I'm sorry.

[Anonymous]

Anonymous wrote:I'm trying really hard not get pissy with my idiot family and friends. It's getting harder and harder every day. I used to be a moderate Republican. I can say now without hesitation that I have jumped ship. I will NEVER vote for another Republican again.

I'm confused. What is happening is exactly what the Dems want and Republicans are trying to stop. Robin Hood Obama - tax the rich and give to the poor. We are becoming a welfare state and it will be those with steady income who will pay for it all.

[Anonymous]

Anonymous wrote:I estimate that my taxes went up $25,000 overnight. $4,200 payroll tax, $16,000 with the marginal tax increases, $5,000+ with the reinstatement of PEP and Pease.

OP, not sure why you think your friend is lying.

Yikes, I'm sorry for your increases!

I thought he was exaggerating because he's been posting these kinds of comments for a while, but whenever someone complained of increases on this site, Jeff shut them down by showing his calcs that it would only increase minimally except for extremely high HHI. I felt there was no way he made as much as I'd understood Jeff to show, but maybe I misunderstood what Jeff has been posting for the past few months. Thanks for the info, though!!

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm trying really hard not get pissy with my idiot family and friends. It's getting harder and harder every day. I used to be a moderate Republican. I can say now without hesitation that I have jumped ship. I will NEVER vote for another Republican again.

I'm confused. What is happening is exactly what the Dems want and Republicans are trying to stop. Robin Hood Obama - tax the rich and give to the poor. We are becoming a welfare state and it will be those with steady income who will pay for it all.

Taxes are still lower overal than they were under Clinton. We were a welfare state in the 90s?

OP, I think your FB friend is BSing.

[Anonymous]

Anonymous wrote:I estimate that my taxes went up $25,000 overnight. $4,200 payroll tax, $16,000 with the marginal tax increases, $5,000+ with the reinstatement of PEP and Pease.

OP, not sure why you think your friend is lying.

You sound pretty fortunate to me to have had a temporary tax break last roughly a decade. Your net worth has probably increased tremendously over that time while most Americans' did not.

[Anonymous]

I estimate that my taxes went up $25,000 overnight. $4,200 payroll tax, $16,000 with the marginal tax increases, $5,000+ with the reinstatement of PEP and Pease.

OP, not sure why you think your friend is lying.

Wow, 797k a year! You are rich!

[Anonymous]

Sure, I know how he feels, I'm in the same boat. But, considering I just had a $40k day in the market hopefully I'll find a way to manage my grossly unfair tax burden.

[Anonymous]

Anonymous wrote:Sure, I know how he feels, I'm in the same boat. But, considering I just had a $40k day in the market hopefully I'll find a way to manage my grossly unfair tax burden.

Hot damn. I was happy with my $7k today.

[Anonymous]

Anonymous wrote:Did they complain 2 years ago when they went down $4200 overnight?

We make about 300K a year, and I have to admit I didn't even notice when they lowered the payroll tax. Probably won't notice a difference after they raise it.