TAX INCREASES

Is it just me, or has anyone else noticed the increase in taxes for payroll, pensions etc. From Jan 1 to today, my taxes went up not once but twice.

Gotta pay for those Wars somehow..

Not to mention the tax cuts for the richest 1%.

My take-home just went UP $200 per pay period, (which amounts to $400/month)... See, that's because there's been a decrease in the FICA withholding that kicked in on January 1st.

"Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a two (2) percentage point payroll tax cut for employees, reducing their Social Security (FICA) tax withholding rate from 6.2% to 4.2% of wages paid.
The new law also maintains the income-tax rates that have been in effect in recent years."

Gee if your taxes went up, then my guess is your employer is ripping you off... I guess it IS "just you."

[youtube:w6tkqjrj][/youtube:w6tkqjrj]

Doesn't address the reduction in taxes that's a FACT, does it....?

navycpo7 wrote: Is it just me, or has anyone else noticed the increase in taxes for payroll, pensions etc. From Jan 1 to today, my taxes went up not once but twice.

what specifically are you referring to? what taxes went up? what line items on your paycheck?

LadyJazzer wrote: My take-home just went UP $200 per pay period, (which amounts to $400/month)... See, that's because there's been a decrease in the FICA withholding that kicked in on January 1st.

"Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a two (2) percentage point payroll tax cut for employees, reducing their Social Security (FICA) tax withholding rate from 6.2% to 4.2% of wages paid.
The new law also maintains the income-tax rates that have been in effect in recent years."

Gee if your taxes went up, then my guess is your employer is ripping you off... I guess it IS "just you."

Only the one from the United States Government went up, my other job it stayed the same.

Wily Weasel wrote:

navycpo7 wrote: Is it just me, or has anyone else noticed the increase in taxes for payroll, pensions etc. From Jan 1 to today, my taxes went up not once but twice.

what specifically are you referring to? what taxes went up? what line items on your paycheck?

Federal taxes only from the US Government went up. My normal job taxes stayed pretty much the same. And yes I have documentation to prove it.

does this help explain your situation?
http://www.smartonmoney.com/2011-federa ... xtensions/
I also found this that may explain it
http://www.suffolknewsherald.com/2011/0 ... questions/

Why has my income tax gone up this year?

Some taxpayers might have noticed that the amounts being withheld for federal taxes so far in 2011 have been higher than they were last year. Here is why this may have happened: A tax credit that was included in the stimulus bill was available for 2009 and 2010.

The credit was refundable, equal to 6.2 percent of earned income, and capped at $400 for single filers and $800 for joint filers. However, it expired at the end of 2010 and has not been extended.

In its place, Congress included a payroll tax holiday for wage earners and the self-employed in the tax compromise bill passed in December. The provision grants employees and the self-employed a reduction of two percentage points (from 6.2 percent to 4.2 percent in the case of employees) in their share of the federal payroll tax for Social Security in 2011 only.

Though the payroll tax reduction went into effect on Jan. 1, not all employers reportedly have implemented it through modifications to their payroll software, especially smaller employers, which could be why your income tax has gone up. For many individuals, this increase is temporary. Once the payroll tax holiday is fully implemented, employees and the self-employed with incomes in excess of $20,000 will realize an increase in their take-home pay compared to 2010. However, if you have specific questions about your individual income taxes, you should contact the IRS directly.