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The Water Cooler
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Payroll withholdings
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<blockquote data-quote="bettingpython" data-source="post: 2035168" data-attributes="member: 4307"><p>IRS has not received guidance yet on new withholding table information to provide to employers but with several tax cuts expiring your tax rate is going to increase, It might be a good idea to add some additional withholding now in case they don't publish new withholding tables. </p><p></p><p>You will definitely see at least a 2% decrease in your check though since the social security tax is increasing from 4.2% to 6.2%</p><p></p><p>During the making work pay year they decreased the the withholding tables by more than they decreased the tax break to make people think they were getting more than they were because their take home increased due to the lower withholding rates. BOHICA they are going to raise taxes without proportionally increasing the withholding amount and we are going to be screwed.</p></blockquote><p></p>
[QUOTE="bettingpython, post: 2035168, member: 4307"] IRS has not received guidance yet on new withholding table information to provide to employers but with several tax cuts expiring your tax rate is going to increase, It might be a good idea to add some additional withholding now in case they don't publish new withholding tables. You will definitely see at least a 2% decrease in your check though since the social security tax is increasing from 4.2% to 6.2% During the making work pay year they decreased the the withholding tables by more than they decreased the tax break to make people think they were getting more than they were because their take home increased due to the lower withholding rates. BOHICA they are going to raise taxes without proportionally increasing the withholding amount and we are going to be screwed. [/QUOTE]
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