Retirement Pay?

[pilotyip]

Anyone else see a reduction in the Fed Income tax With holding? Mine dropped about 20% is this a simulus package or something?

 

[skiddriver]

Mine did as well. It's a pain because it just means I have to increase the withholding manually in either the retirement system or in my current job. We didn't get a tax cut, they're just trying to put more money in our pockets so we'll spend and invigorate the economy.

 

[pilotyip]

just got the explanation in the mail. "The american recovery and reinvestment act of 2009 changed the amount of Fed Income Tax withheld" Are they also changing the tax rates so I pay less next year?

 

[Muddauber]

I didn't see a thing...

 

[VVJM265]

I got an extra 66 bucks in my retirement check - woohoo! :nuts:

 

[SIG600]

I'm actually paying more... single guy making a >$95K year... just doing my part to carry the free loaders I guess.

 

[skiddriver]

just got the explanation in the mail. "The american recovery and reinvestment act of 2009 changed the amount of Fed Income Tax withheld" Are they also changing the tax rates so I pay less next year?

It depends on your income level. I hit that magic number where I pay neither more nor less than the previous year. So I had to manually increase my witholding to compensate.

 

[Andy Neill]

There was $44 less withholding this check. Of that I got $26 and my ex gets $18. THe change doesn't do me any favors. Without the change, I would have gotten that all in a tax refund. Now that $18 per month is gone forever.

 

[milky]

Your taxes stay the same. So, if your withholding was set correctly to get zero refund, you need to start setting it aside to pay your tax bill at the end of the year.

 

[SIG600]

So if I got a fat refund this year, I can expect significantly less next year? Because according to Pres. Obama's campaign website 6 months ago, his tax plan would yield me $1600 more in my pocket, can't wait for the responses of the people that voted for him.