How many of you people are retired? Are you benefiting from the new federal tax rate?

[SlugSlinger]

Just curious how many of you are benefiting from the new tax rates. The first check with the new rates show my federal tax dropped 20.5%. This is the difference of what I paid in federal tax last paycheck and what I paid this paycheck divided by the last paycheck federal tax amount.

For me, this is equivalent to about a 5% pay raise. Thank you President Trump!

 

[Gunbuffer]

not retired, but we get about 8k back in our pockets.

 

[harley128]

Yes and yes.

 

[DavidMcmillan]

Yes to both. And happy about it!

 

[TerryMiller]

Yes and don't know. I let the wife worry about the taxes.

 

[SlugSlinger]

not retired, but we get about 8k back in our pockets.

Are you saying you get a refund for 8k?

Unless you like loaning the .gov money, you might consider changing your exemptions to withhold less taxes out of each paycheck. I try to keep mine where I don't have to pay when I file the taxes, so I don't get a big refund, but I also have more money in my paycheck.

 

[BReeves]

Yes kinda retired, still have income from my business to deal with plus what I get on SS. Won't know till the CPA does our taxes for 2018. Wife is retiring in a few months and the business is going away in 2019. Will just have to wait and see.

 

[Gunbuffer]

Are you saying you get a refund for 8k?

Unless you like loaning the .gov money, you might consider changing your exemptions to withhold less taxes out of each paycheck. I try to keep mine where I don't have to pay when I file the taxes, so I don't get a big refund, but I also have more money in my paycheck.

no i am not saying that. Im saying we will be paying 8k less in taxes for 2018. Refund checks are for suckers

 

[Uncle TK]

Above is tax brackets for a married couple
2017 12,700 + 8,100 = 20,800 before you get taxed using the above rates
2018 24,000 + 0 = 24,000 before you get taxed using the above rates
If you itemized in 2017 and cannot itemize in 2018 your Oklahoma taxes will increase (12,700 to 24,000)

 

[dennishoddy]

Yes and don't know. I let my wife worry about the taxes.

You and me both. My SS, investment account returns, and retirement checks are going into the black hole also known as our joint checking account.
I haven't looked at our balance in many years. My accountant wife takes care of that side. My priority in life is to spend on gun and outdoor stuff until she grumbles a bit, and then back off until the next installment. Life is good.