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Old 01-04-2013, 07:55 AM   #46
aclov
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Can someone help me with the math here on the increase as I haven't received my first check...it's 2% per paycheck can I multiply that by my annual salary than divide by number of pay checks(26)?
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Old 01-04-2013, 07:56 AM   #47
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Last month we cut our mortgage interest rate by almost 1/2 by refinancing from 4.25% to 2.50 thanks to my DH company offering to pay closing costs for their bank employees.

If you are able to refi the rates are great and the savings can end up saving you thousands over the life of your loan.
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Old 01-04-2013, 08:13 AM   #48
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Quote:
Originally Posted by ekatiel View Post
Surprise or not, it's happening, and every working american is going to have to cut back somewhere. Whether you figured out where that was months ago, or you're figuring out that now, it's a fact. The thread didn't ask if people were surprised, it asked where people are cutting back. --Katie


Two years ago working Americans upsized their living style by 2%. They now need to return to the pre-upsize life style. As a result the money should come from what was upsized.

For us that would be saving. We were already maxing out our 401k, including the catch up contribution, or that is where it would have gone.
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Old 01-04-2013, 08:16 AM   #49
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If you are not cutting back on anything how are you making up for the lost income?
The carry-over from month to month will be less, that is all.
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Old 01-04-2013, 08:17 AM   #50
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No cut backs here either-the month to month carry over gets smaller thats all-this tax 'holiday' had to be one of the worst ideas in history. People got dependant on that extra income, which would go away at the end of the holiday and it screwed us all in the future.
Sorry, I should have read ahead and just agreed with jsmith.
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Old 01-04-2013, 08:42 AM   #51
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Since it is the New Year, DH and I have to make time to sit down and make a new budget anyway. We have not yet done it. I am expecting increased expenses this year so it will be tough.
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Old 01-04-2013, 08:49 AM   #52
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My husband and I are public employees and did not experience the 2% temporary cut in the social security tax (we pay into a separate state retirement system not social security). Never see a peep about not all employees experienced the temporary reduction.

Frankly, the cut never made sense to me since the social security system is in need of money. I understand they did it to "stimulate" the economy. However, it definitely affects the social security retirement system.

Good for those that saved the "temporary" reduction and put in into your retirement savings!
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Old 01-04-2013, 08:50 AM   #53
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Originally Posted by aclov View Post
Can someone help me with the math here on the increase as I haven't received my first check...it's 2% per paycheck can I multiply that by my annual salary than divide by number of pay checks(26)?

Take your annual salary and multiply by .02. This is the total you will pay in increased SS tax. Divide this number by you number of checks (26 in your case) to get the decrease per paycheck.
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Old 01-04-2013, 08:55 AM   #54
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Quote:
Originally Posted by aclov View Post
Can someone help me with the math here on the increase as I haven't received my first check...it's 2% per paycheck can I multiply that by my annual salary than divide by number of pay checks(26)?
Quote:
Originally Posted by ilovemk76 View Post
Take your annual salary and multiply by .02. This is the total you will pay in increased SS tax. Divide this number by you number of checks (26 in your case) to get the decrease per paycheck.
This works unless you make more than $113,700. Only the first $113,700 is taxed, so if you make more than that, you'll have to factor that in. --Katie
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Old 01-04-2013, 09:02 AM   #55
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Quote:
Originally Posted by punkin
Since it is the New Year, DH and I have to make time to sit down and make a new budget anyway. We have not yet done it. I am expecting increased expenses this year so it will be tough.
This is us as well. DH just started a new job and I've only been back at work for a year. On the flip side, DH's VA benefits were increased this year. We won't notice the increase in withholding like other families. Just reworked our budget last night and we are finally going to build into long term savings, mostly because we are finally able to do so.
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Old 01-04-2013, 09:29 AM   #56
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As far as cutting back I fortunately don't have to, good investing, planning and luck. The people who are close to the threshold at some point may need to make changes but hopefully we start to grow our way out of this mess.
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Old 01-04-2013, 09:34 AM   #57
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Well, since the 2% is a heck of a lot less than $200 a month for me (more like just under $50) I probably won't even notice it.

And like others have said, it wasn't "free money" in the first place, it was temporary money, so if my budget was so close that that 2% was going to make or break me, I never would have depended on it in the first place.

Honestly, I probably spend $24 a paycheck on pop from the vending machine at work or gum at 7-11, or whatever. I won't notice it.

Now, completely unrelated, my goal in 2012 is to not buy my lunch at work at all this year, so I'll probably come out way ahead anyway, since there were times I was spending $30/week on lunches, which is more than 2x what I'll "lose" by our tax rate going back to what it's supposed to be.
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Old 01-04-2013, 09:41 AM   #58
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DH got a 2.88% raise in December. We increased his 401K by 1%, so the payroll tax increase will just net out with the rest of his raise. I'm expecting his paycheck to be slightly lower, but not by much.

We (ok I was!) were planning on increasing our housecleaners to every 2 weeks instead of monthly. But now we'll keep them the same.
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Old 01-04-2013, 09:51 AM   #59
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Originally Posted by eliza61 View Post
Nothing. I pretty much understood that the payroll tax was not permanent so I didn't start spending the extra cash. It went into my discretionary spending and some times my 401K so I'll just readjust that.
So I guess that means you are cutting back on discretionary spending and on your 401K, right?
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Old 01-04-2013, 09:56 AM   #60
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This works unless you make more than $113,700. Only the first $113,700 is taxed, so if you make more than that, you'll have to factor that in. --Katie
True. That is a more complicated calculation and I did not want to get into it.
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