Beware your first 2013 paycheck

Just did mine on quick books after the new tax table update and damn, my paycheck is $35 less. Oh we'll gave myself a raise.

$90 less on this paycheck, so @ $180 a month... $2k less in takehome this year.

What a fucking joke.

I was wondering why my check was $140 smaller than I expected.

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Looks like my check was $32 short this time. While it's not that big of a difference it still sucks!

What the mother fuck my check is little over 100$ less than its supposed to be.

fuck mine was 800 short

My paycheck was $600 less.... WTF!

100 bucks less for me, could have bought a pmag wih that

Weird, mine was $1,897 over.

You do. Your old lady doesn't.

Boosh!

[Sean88gt]

my wife just her paycheck (bi weekly paid) and with the taxes and insurance she was 110 dollars less

Grounds for divorce!

[helosailor]

^^^ all of those responsible for the pork should be dragged into the street and Marie Antoinette-ed right then and there.

[Gtracer]

Then you would be happy to hear:

Lawmakers, including those who approved the package earlier this week, are now lambasting the decision to load up the bill in the final hours with the tax break extensions.

"It's hard to think of anything that could feed the cynicism of the American people more than larding up must-pass emergency legislation with giveaways to special interests and campaign contributors," Sen. John McCain, R-Ariz., said in a statement.

Sen. Bob Corker, R-Tenn., who like McCain approved the bill, described it as a "terrible vote to have to take" -- and said the package is a reminder of "why we need tax reform to do away with those loopholes."

Corker noted that the tax breaks in the package were already in the law, and were merely extended for another year by Tuesday's vote.

Businesses have grown accustomed to many of the longstanding tax breaks, but they also have had to get used to the uncertainty of whether they will be renewed each year. This time around the tax breaks were allowed to expire at the end of 2011 as lawmakers struggled to reach consensus on a wide range of tax issues. The package passed by Congress this week and signed by President Obama renews the tax breaks retroactively, so taxpayers can claim them on both their 2012 and 2013 tax returns.

Included in the package this week were:

-- A rule allowing TV and film producers to write off the first $15 million in production costs inside the U.S. The value over 10 years of that provision is pegged at $248 million.

-- A provision allowing motorsport race tracks to more quickly write off improvement costs, valued at $78 million. McCain described it as "tax incentives for NASCAR track builders."

-- A 50 percent tax credit for expenses related to railroad track maintenance through 2013 -- worth $331 million.

-- Increased tax rebates to Puerto Rico and the Virgin Islands from a tax on rum imported into the United States. The U.S. imposes a $13.50 per proof-gallon tax on imported rum, and sends most of the proceeds to the two U.S. territories. The tax break is worth $222 million over 10 years.

-- A tax credit of up to $2,500 for buying electric-powered vehicles was expanded to include electric-powered motorcycles, at a cost of $7 million.

-- A tax credit for the production of wind, solar and other renewable energy, at a cost of $12.2 billion.

The biggest of the bunch, a tax credit for research and development, helps U.S. manufacturers compete against foreign competition, according to the National Association of Manufacturers. Another provision helps restaurants and retailers expand by allowing them to more quickly write off the costs, according to the National Restaurant Association.

While each industry defends their tax treatment as vital, McCain said the inclusion in what was supposed to be a bare-bones package to avert sweeping income tax hikes feeds "cynicism."

"They were just crammed into the bill literally in the middle of the night," McCain told Fox News Radio. "The American people deserve better and we have now earned their well deserved disdain about the way we do business."



Read more: http://www.foxnews.com/politics/2013...#ixzz2H1uvXqo8

[forbes]

my wife just her paycheck (bi weekly paid) and with the taxes and insurance she was 110 dollars less

[Binky]

I think theres a difference between the unrealized threat of it and then seeing it in black and white.

[Silverback]

mine was 700 more

[FreightTrain]

LOL at everyone acting suprised. They've been warning everyone for months this was going to happend. Did yall really think it was a joke or what?

[fordracing19]

Me too....

House payment and a half. I could of used that on my next investment property.

[Chopped54]

Are all of you just looking at the difference in your take home pay, or are you taking into account increases in the cost of benefits, etc, when you say your tax liability increased by such and such? I know my health benefits went up this year.

Exactly. Payroll tax should have only increased 2% (from 4.2 to 6.2) for most folks....

[Chopped54]

I was talking per year.

Me too....

[PandaBear]

I just noticed I received a $150 raise but only got about $57 more.
My SS contribution almost doubled.

It's better than nothing, I guess.

[Trick Pony]

Are all of you just looking at the difference in your take home pay, or are you taking into account increases in the cost of benefits, etc, when you say your tax liability increased by such and such? I know my health benefits went up this year.

[red95gts]

For 2012, the maximum taxable earnings amount for Social Security (OASDI) taxes is $110,100. There is no limitation on taxable earnings for Medicare's Hospital Insurance (HI) taxes.

Thanks. Not sure where I got the $90K number from. Either way, my first check was about $350 lower than I expected, but moreso because OASDI withholding started again, not because of the 2% bump in SS withholding.

[fordracing19]

Well if her math is anything like yours I hope you have someone else go over it!

Mr I have the biggest lot in the sub division. Not hard with the smallest house!

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