Thread: A little extra in the paycheck?

I still have to talk to payroll, but it appears there has been a decrease in my federal taxes. About a $70 decrease.

Anyone else seeing this?

This is part of the stimulus bill and appears to have taken place already. Guess it depends on which state you work in and how fast they can implement the changes. NYS was to have started already. I'll know by my next pay check.

I make more this year than last year, so the opposite happened for me, both in absolute and relative terms.

Originally Posted by jockeys

I make more this year than last year, so the opposite happened for me, both in absolute and relative terms.

wait, that's 'trickle up' - your post is below singlewedge's

I get paid tomorrow I'll check mine. every little bit helps. I'm seriously considering cutting out cable and getting a hosuekeeper. between two full time jobs and two little girls it seems we just never get enugh time to get this place the way we'd like it, at least not for long.

and two dogs.

Red

As I understand it from the employers I know is that it is only a reduction in withholdings but not the actual tax. You will be taxed the same at the end of the year. In other words they haven't changed the tax tables and you may actually end up paying more at the end of the year.

Originally Posted by JMS

As I understand it from the employers I know is that it is only a reduction in withholdings but not the actual tax. You will be taxed the same at the end of the year. In other words they haven't changed the tax tables and you may actually end up paying more at the end of the year.

If that is true, it may still be the case that the witholdings are already decreased in anticipation of a change is taxes that may already be pending approval?

The trillions that they are spending will come from somewhere, that is for sure.




Richard

Originally Posted by riooso

The trillions that they are spending will come from somewhere, that is for sure.

Richard

That's called a deficit and it didn't seem to bother anyone over the last decade

In any case, even a minor a budget cut in defense will make a whole lot of difference without compromising security.
The US is responsible for HALF of the total global defense spending, so it might be time to have a more critical look on how the money is spent, and what it is being spent on.

In my understanding it's similar to the stimulus check we got last year. Only this time instead of a single check with a lump sum, it's divided out among all of your paychecks in the form of less federal withholding. Apparently some behavioral economists found that people are more likely to spend the money when it comes this way instead of a lump sum, therefore doing a better job of actually stimulating the economy. I don't think you end up paying more at the end of the year, the same way we didn't with the last stimulus check last year.