- Feb 28, 2009
I'm also a Federal employee. No opt-out. No one wants it. We asked and begged to be able to opt out. Nope, nope and nope.DH was informed that his pay will be affected as well. Don't know yet about mine for sure (I never know my pay until I get the Oct check ), but it's likely as I work for a public university. No way for either of us to opt out. I absolutely hate that they are doing this, but maybe I can spin it to our advantage. Like, send the full 12% directly to one of our savings accounts for the rest of the year. It should only feel like a 6% cut in salary, but knowing we are getting twice that in savings would be a nice boost. Then, next spring we won't feel it at all (at least until DD turns 16 in Feb and our insurance skyrockets.
Bad thing is, I'm a fed at the IRS. We have to be current with all tax liabilities. So, if by some reason, they don't take the additional taxes out come January, we'll be on the hook for repayment. Immediately.
I've already arranged to have an additional amount taken from my paycheck to be deposited into my savings account.
Fortunately, my husband's employer is not taking advantage of the payroll tax holiday.