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Old 01-07-2013, 07:43 AM   #166
nunzia
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My pay will go down quite a bit..third year of salary freeze, plus my share of medical insurance goes up, and the SS tax holiday (and how stupid was it for the gov't to put less money into a failing system?). We are creeping up on retirement age, so this year I am doing an experiment to see if we can cover basic living expenses on SS taken at 62..our savings will be used for trips and extras...that's how I planned it..years ago I heard a financial guy say that you should be able to live on SS and then only pull your savings for incidentals and emergencies..so, trying that and then putting all the rest in savings. We are debt free so bills are insurances (ouch) utilities, charity and food/gas/entertainment. We buy a lot of gifts for our huge family, so don't know where that will come from..work in progress. It may be worth it to just retire and use savings for awhile to delay drawing SS to get a higher monthly draw..just don't know. Anyone know a good site with various SS scenarios?
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Old 01-07-2013, 07:54 AM   #167
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I just got my first paycheck. SS did go up but not by a full 2% and all the other taxes went down significantly because I'm putting a lot more away for retirement now.
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Old 01-07-2013, 09:53 AM   #168
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I was saddened to read in the Sunday paper about some of the wasteful spending in this bill such as
$46 million for motor speedways that allows NASCAR track owners to deduct everything from the bleachers to concession stands and track maintenance, too - zoom, zoom;
$199 million worth of tax breaks for rum makers and rum production - big liquor must be sponsoring the post- deal parties or cocktail hours on the Hill considering that's a $13 per gallon kickback;
$38 million more in tax breaks for companies doing business in American Samoa;
A 10% tax break for everybody who buys an electric scooter or car up to $2,500 max
$15 million in tax breaks for movies filmed in America and $20 million if they're filmed in low- income regions. According to USNews, that's a "Hollywood incentive that costs the country about $430 billion to maintain."
$59 million in tax breaks for algae growers who are trying to turn green slime into bio-fuel.
The CBO says the budget agreement will lead to an overall increase in spending of about $330 billion over 10 years. So nothing has changed and we are in no better shape than before just poorer in week in our paychecks!
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Old 01-07-2013, 10:19 AM   #169
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considering it was designed to be temporary only, well, not cutting back on anything really. Just taking the hit (but a new job I started with better pay helps with that...I'm lucky in that respect)
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Old 01-07-2013, 10:27 AM   #170
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Quote:
Originally Posted by crisi View Post
At some level I'm an optimist. I hope that most people here are here because they are Disney fans indulging themselves in a hobby they can afford. Not addicts feeding an addiction that is having a negative impact on their external lives. So I hope that MOST of us with multiple trips under our belt are fans - and I know there are a few addicts - I suppose I'm just as naive, but in the other direction.

And because I can be naturally frugal myself - I don't assume anyone trying to feed their family for $100 a week or making homemade laundry detergent while going to Disney is doing it from necessity (I've done both) - that sort of frugality is a hobby activity for me.
Well said!!
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Old 01-07-2013, 10:31 AM   #171
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Nothing. We are just about finished with our home remodel and the $500 a month we normally budget for that will more than cover the $200 difference in our checks.
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Old 01-07-2013, 11:21 AM   #172
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Originally Posted by chicagodisneyfan View Post
I got a $5,000 raise on 1/1, so I will not have any decrease in my check - in fact it will still go up. So no issues here.
Congratulations. It is so nice to hear positive news for people. Gives hope that things will continue to improve.
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Old 01-07-2013, 11:53 AM   #173
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Luckily me and my DW got year-end raises effective January 1 that were greater than the 2% tax holiday ending.

So we don't have any plans on cutting any costs.

The real raise comes in August 2013 when my DS finishes day care.
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Old 01-07-2013, 12:01 PM   #174
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Congratulations. It is so nice to hear positive news for people. Gives hope that things will continue to improve.
Congratulations and it is nice to see positive news in regards to raises.
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Old 01-07-2013, 12:15 PM   #175
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Whenever the initial Payroll Tax was started, we did not count it in our budget at all. We always have to pay IRS in April (DINKs). So we would apply that additional money to our federal Income tax. I did remove the additional money from W-9 in December. While everyone is planning their household budget, I say start calculating the cost of the additional taxes to fund ObamaCare. So there will be no 'surprises' in 2014.

If DH & I have to live within a budget & adjust for less money coming in (i.e. Payroll Tax Increase) then why can't our Congress do the same thing.
Quote:
leahjade I was saddened to read in the Sunday paper about some of the wasteful spending in this bill such as
$46 million for motor speedways that allows NASCAR track owners to deduct everything from the bleachers to concession stands and track maintenance, too - zoom, zoom;
$199 million worth of tax breaks for rum makers and rum production - big liquor must be sponsoring the post- deal parties or cocktail hours on the Hill considering that's a $13 per gallon kickback;
$38 million more in tax breaks for companies doing business in American Samoa;
A 10% tax break for everybody who buys an electric scooter or car up to $2,500 max
$15 million in tax breaks for movies filmed in America and $20 million if they're filmed in low- income regions. According to USNews, that's a "Hollywood incentive that costs the country about $430 billion to maintain."
$59 million in tax breaks for algae growers who are trying to turn green slime into bio-fuel.
The CBO says the budget agreement will lead to an overall increase in spending of about $330 billion over 10 years. So nothing has changed and we are in no better shape than before just poorer in week in our paychecks!
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Old 01-07-2013, 12:40 PM   #176
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If you will be losing $200 per month this means your annual salary is $120,000!

Look at the math:

$120,000 Annual Divided by 12 means Monthly Salary is $10,000.

$10,000 x 0.02 (2%) = $200


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Old 01-07-2013, 01:09 PM   #177
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Quote:
Originally Posted by Cheshire Figment View Post
If you will be losing $200 per month this means your annual salary is $120,000!

Look at the math:

$120,000 Annual Divided by 12 means Monthly Salary is $10,000.

$10,000 x 0.02 (2%) = $200


So!!!!! What does this mean!
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Old 01-07-2013, 01:18 PM   #178
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Quote:
Originally Posted by Cheshire Figment View Post
If you will be losing $200 per month this means your annual salary is $120,000!

Look at the math:

$120,000 Annual Divided by 12 means Monthly Salary is $10,000.

$10,000 x 0.02 (2%) = $200

But the Social Security salary cap is set at $113,700 for 2013. Anything above that amount isn't subject to the 6.5% tax. If the PP is losing $200 per month it must be because there are two or more earners being affected.
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Old 01-07-2013, 06:46 PM   #179
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Quote:
Originally Posted by Marionnette View Post
But the Social Security salary cap is set at $113,700 for 2013. Anything above that amount isn't subject to the 6.5% tax. If the PP is losing $200 per month it must be because there are two or more earners being affected.
Or they are estimating, or their initial data was wrong, or there are other factors at play that they aren't mentioning, like increases to health insurance. What it does mean is that even in high cost of living areas, anyone loosing $200 a paycheck isn't on the verge of starvation due to the increase.

On the other hand, someone making $20k a year sees a $33 a month loss, which is s big deal on a very tight budget.
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Old 01-10-2013, 02:15 AM   #180
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Quote:
Originally Posted by Marionnette View Post
But the Social Security salary cap is set at $113,700 for 2013. Anything above that amount isn't subject to the 6.5% tax. If the PP is losing $200 per month it must be because there are two or more earners being affected.
If you make $120,00/year, you'll see a $200 decrease in your net check in January. Then when you hit the threshold, your take-home will go up by the 6.5% that was previously being withheld.
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