First paycheck of 2012 $50 less anyone know why?

[Aura35]

You could always ask Suze Oreman!

 

[ShelsGoingToDisney]

The income limit for Social Security tax is $106,800; this means that if you have a higher income than $106,800 you will only be taxed on the $106,800.

This gives you a higher pay check at the end of the year than the beginning...

Doesn't apply here! I wish that was the issue!

 

[ShelsGoingToDisney]

Dh talked to the boss today. The accountants accidentally processed the checked with the SS 2% increase. They will be fixing it and reimbursing. Thanks for all the help!

 

[Irin997]

Dh talked to the boss today. The accountants accidentally processed the checked with the SS 2% increase. They will be fixing it and reimbursing. Thanks for all the help!

Ding ding ding! I think this happened to quite a few people considering the lateness that they passed the extension (12/28). It happened at our company today.

 

[solfan68]

My guess is the one-time, start of the year, occupational privilege tax.

 

[SaraJayne]

Dh talked to the boss today. The accountants accidentally processed the checked with the SS 2% increase. They will be fixing it and reimbursing. Thanks for all the help!

At least you have an answer now.

 

[S. C.]

Thanks to our governor we now pay $135.00 more tax out of our pensions per month. No that is not a lot of money, but it is from fixed incomes.

 

[mefordis]

The income limit for Social Security tax is $106,800; this means that if you have a higher income than $106,800 you will only be taxed on the $106,800.

This gives you a higher pay check at the end of the year than the beginning...

In 2012 it has increased to $110,100 .

 

[kaytieeldr]

Dh talked to the boss today. The accountants accidentally processed the checked with the SS 2% increase. They will be fixing it and reimbursing. Thanks for all the help!

Well, that's pretty stupid. This is a check issued in 2011 for work done in 2011, right? But the employee SS discount was originally for the entire 2011 calendar year.

That company needs new accountants or new programmers. Or better obfuscaters.

 

[ShelsGoingToDisney]

Well, that's pretty stupid. This is a check issued in 2011 for work done in 2011, right? But the employee SS discount was originally for the entire 2011 calendar year.

That company needs new accountants or new programmers. Or better obfuscaters.

Not sure what year it is for. He gets paid on the 1st and 15th of the month. Since the 1st was a Sunday and they didn't realize that it was a bank holiday on Monday until a week ago he didn't get paid until the 3rd. I was assuming it was for 2012. As I mentioned before DH forgets to email the paystub home so I never see it. I only see the direct deposit in the bank account.

This is a small graphic design firm, about 20 employees. I agree the boss isn't the best organized etc. and their accountants don't seem to be the best but we have been treated very, very well over the years in comparison with corporate workers. I think it may be a matter of too many "creative" people and not enough "business" people at the firm!

 

[Allison]

Well, that's pretty stupid. This is a check issued in 2011 for work done in 2011, right? But the employee SS discount was originally for the entire 2011 calendar year.

That company needs new accountants or new programmers. Or better obfuscaters.

It has nothing to do with when the work was done. It is based on when the paycheck is issued and it was issued in 2012.

It's not about new accountants or programmers. The extension came to late for many companies to be able to incorporate it. Decisions had to be made based on how the law currently stood and until very late in the game, the 2% cut was going to expire.

 

[SaraJayne]

Well, that's pretty stupid. This is a check issued in 2011 for work done in 2011, right? But the employee SS discount was originally for the entire 2011 calendar year.

That company needs new accountants or new programmers. Or better obfuscaters.

If the check was issued in 2012, it would use the 2012 rates (which were changed at the very last minute).

Would people rather wait to get the check until it's correct (regardless of when that may have been) or be paid on time and have the company issue a refund once the government gets it's crap in order?

HR/accountants work on the current info they have. The current info at the end of the year was the tax would be increasing by 2%.

OP, I know you weren't complaining about that.

 

[Mac4life30]

I had the same issue and I live in FL. My paycheck was $50 less. $28 of which was going towards Social Security, Fed Withholding was $15 more and $5 more for my health ins

 

[mdsoccermom]

That decrease in withholding has been extended for at least 2 more months before congress votes again.

Do you have a source for that?

 

[cglaura]

This majority of this thread is from January of last year, so the info might be outdated...

 

[StitchandPooh'sMom]

Do you have a source for that?

This thread is from last January (2012).

 

[Conway733]

Yes, it is 2013, isn't it?

 

[mdsoccermom]

This thread is from last January (2012).

Duh. I didn't even notice. Then again, I'm still writing 2012 on everything.

 

[IDoDis]

Do you have a source for that?

As much as I wish it were true for this year, my reply was from a year ago.