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Ss increase

Posted by on Jan. 15, 2013 at 4:39 PM
  • 12 Replies
ok...who can break obamas 2% social security increase down for me? i dint get it! hearing lots if stories about people losing $300 in monthly income!

we get paid once a month so haven't seen the effect yet on our checks. are we screwed?
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by on Jan. 15, 2013 at 4:39 PM
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Replies (1-10):
Lshoul
by on Jan. 15, 2013 at 9:17 PM
My take home pay is $20 less every week :(
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Anonymous
by Anonymous on Jan. 15, 2013 at 9:52 PM
SS is broke. It is back up to where it used to be and where it should have been all along.
salleeturner
by on Jan. 15, 2013 at 10:32 PM

I am not sure I understand your question.Do you think you should have 2%more deducted from your paycheck for SS, or 2 less?  At any rate, your payroll dept is responsible for all payroll deductions, including SS.  Talk to your supervisor or your payroll person, and they can clarify how much is being deducted, and why.  $300 difference in deductions does not sound reasonable,  Give your friends the same advice I gave you.



GertieK
by Silver Member on Jan. 16, 2013 at 9:59 AM
2 moms liked this

Almost everyone will see an increase in the amount of SS taken out of their check.  There was never the intention of taxing only the really rich.  It was always going to be an increase on anyone who works.  People are making less now than they used to.  Among the households facing higher taxes, the average increase would be $1,635, and the tax burden will rise more for someone making $30,000 a year (1.7 percent) than it does for someone earning $500,000 annually (1.3 percent).  This is what people voted for, and not sure why anyone is surprised that it is happening.  Less money in our pockets, less money into the economy.  The whole thing is messed up.  Spending more and cutting less, and soon we will be unable to fix the problem.  Look for the "crash and burn" because it is on its way.

Anonymous
by Anonymous on Jan. 16, 2013 at 10:05 AM
It should have never been cut the last year. It should have always stayed the same so it is back up to where it was. It is broke. It is not gonna be around for anyone and even now we gotta wait till 70 to get it.


Quoting GertieK:

Almost everyone will see an increase in the amount of SS taken out of their check.  There was never the intention of taxing only the really rich.  It was always going to be an increase on anyone who works.  People are making less now than they used to.  Among the households facing higher taxes, the average increase would be $1,635, and the tax burden will rise more for someone making $30,000 a year (1.7
percent) than it does for someone earning $500,000 annually (1.3
percent).  This is what people voted for, and not sure why anyone is surprised that it is happening.  Less money in our pockets, less money into the economy.  The whole thing is messed up.  Spending more and cutting less, and soon we will be unable to fix the problem.  Look for the "crash and burn" because it is on its way.


CountryLayne
by on Jan. 16, 2013 at 2:02 PM

I just got paid yesterday. My check was around $10.00 less than it was in the past. That's $20 a month- $240 a year (give or take).

Not sure where people are getting the $300 a MONTH, but I think they are talking about something other than Social Security.


dingysfamily
by Suzi on Jan. 16, 2013 at 2:31 PM

 Well, those receiving SS got a little more in their checks; so you will see it in the end; I did see more in my check.

storkradio193
by on Jan. 16, 2013 at 5:25 PM

A $300 difference could not be attributed to Social Security alone.  Although, I don't know for the wealthy.  SS was cut for two years and was not renewed for 2013.  The average earner (around $50,000) will pay $1000 more this year. 

http://www.cafemom.com/home/storkradio193

Marimaru
by on Jan. 16, 2013 at 7:11 PM

Looks like ours is about $80 per check for both my husband and I.  That $320 per month difference for us.

annie2244
by on Jan. 16, 2013 at 8:08 PM

Don't blame the 2% increase in payroll tax that funds social security on Obama - he fought to NOT have any increase in this tax - but couldn't get enough people in congress to support him on this. See the details below from the NYDailyNews. You can also thank Obama for sticking firm with his pledge that any tax increase protect the middle class and only affect the wealthy, much to the consternation of the republicans.

WASHINGTON (AP) — While the tax package that Congress passed New Year's Day will protect 99 percent of Americans from an income tax increase, most of them will still end up paying more federal taxes in 2013.

That's because the legislation did nothing to prevent a temporary reduction in the Social Security payroll tax from expiring. In 2012, that 2-percentage-point cut in the payroll tax was worth about $1,000 to a worker making $50,000 a year..

The income threshold covers more than 99 percent of all households, exceeding Obama's claim, according to the Tax Policy Center. However, the increase in payroll taxes will hit nearly every wage earner.
Social Security is financed by a 12.4 percent tax on wages up to $113,700, with employers paying half and workers paying the other half. Obama and Congress reduced the share paid by workers from 6.2 percent to 4.2 percent for 2011 and 2012, saving a typical family about $1,000 a year.

Obama pushed hard to enact the payroll tax cut for 2011 and to extend it through 2012. But it was never fully embraced by either party, and this time around, there was general agreement to let it expire.

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