Thu Feb 1, 2018, 01:25 PM

Got my new paycheck today with new withholding.

Last edited Thu Feb 1, 2018, 03:02 PM - Edit history (1)

My withholding went to $399.26 (weekly) from $466.50 . (paid weekly)

What a pittance. I get a whole $67, while billionaires get millions.

Thanks for the crumbs!

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95 replies	Author	Time	Post
Got my new paycheck today with new withholding. (Original post)	fescuerescue	Feb 2018	OP
Check that they aren't underwitholding	Loki Liesmith	Feb 2018	#1
They didn't give you a new W-4?	yallerdawg	Feb 2018	#5
You don't have to fill out a new W-4	Dragonfly64	Feb 2018	#17
What if the employee wants to have more withheld?	yallerdawg	Feb 2018	#20
Your payroll department	leftynyc	Feb 2018	#21
Because the tax rate goes down across the board.	B2G	Feb 2018	#22
You need to figure that out yourself	marylandblue	Feb 2018	#29
That's not the way this works.	B2G	Feb 2018	#31
There's a line on the w-4 for "additional witholding"	marylandblue	Feb 2018	#40
I know that.	B2G	Feb 2018	#42
I read that they padded it somehow this time	marylandblue	Feb 2018	#43
They cut deductions on the back end, too.	yallerdawg	Feb 2018	#49
The personal deductions are gone	DeminPennswoods	Feb 2018	#72
No. The new withholding just appeared.	fescuerescue	Feb 2018	#74
Also IRS has not yet released the 2018 w-4 form.	aidbo	Feb 2018	#91
"$XXXXX.XX"	yallerdawg	Feb 2018	#92
But if you invest that $67 per week for 12,000 years,	guillaumeb	Feb 2018	#2
574 years	lapfog_1	Feb 2018	#6
I actually used the number 12,000 in an attempt at humor.	guillaumeb	Feb 2018	#9
I think lapfog was using humor, too	davekriss	Feb 2018	#44
Bingo+	lapfog_1	Feb 2018	#95
yes I know.	lapfog_1	Feb 2018	#55
That my very point!	imanamerican63	Feb 2018	#3
Those aren't crumbs.	NCTraveler	Feb 2018	#4
Wait until they cut SS, Medicare and	octoberlib	Feb 2018	#13
That's the argument.	NCTraveler	Feb 2018	#15
Woe to the party that raises taxes	MichMary	Feb 2018	#56
works out to $3,474 a year	lapfog_1	Feb 2018	#23
If the OP is earning about $15/hour it sure is!	LeftInTX	Feb 2018	#24
He said his	mindem	Feb 2018	#32
He said his withholding went from $399 to $466	LeftInTX	Feb 2018	#38
Not at all	lapfog_1	Feb 2018	#59
No, you are wrong.	WillowTree	Feb 2018	#64
I said the federal withholding went from $466	lapfog_1	Feb 2018	#68
Another solid argument.	NCTraveler	Feb 2018	#25
I got 15 bucks every 2 weeks. 360/year. That is crumbs	sarah FAILIN	Feb 2018	#27
Again, check your stub in 2 weeks.	B2G	Feb 2018	#33
No, my company implemented them early	sarah FAILIN	Feb 2018	#37
How did they do that? nt	B2G	Feb 2018	#39
They sent an email to us	sarah FAILIN	Feb 2018	#51
Quickbooks pushed the tables out about Jan 20	stopwastingmymoney	Feb 2018	#57
Yep my company sent out a note	Dem_4_Life	Feb 2018	#58
And your story is the more common story	lapfog_1	Feb 2018	#62
With the rate that prices on, well, everything, continues to go up	Proud Liberal Dem	Feb 2018	#30
Completely dependent on other factors.	NCTraveler	Feb 2018	#41
Especially if the unintended consequence of this tax break	lapfog_1	Feb 2018	#65
I think they meant that their takehome went from $399.26 to $466.50.	WillowTree	Feb 2018	#47
You are correct.	NCTraveler	Feb 2018	#53
I did not read it that way...	lapfog_1	Feb 2018	#70
You are correct	fescuerescue	Feb 2018	#76
OP's withholding went down	DeminPennswoods	Feb 2018	#75
I get to pay $1000 a year more on my FIXED income of Social Security and	sinkingfeeling	Feb 2018	#60
Another solid argument.	NCTraveler	Feb 2018	#63
The loss of personal exemption is offset by an increase in	DeminPennswoods	Feb 2018	#78
As a single person, why would I want to take a standard deduction of $12,000	sinkingfeeling	Feb 2018	#80
In your case, you wouldn't	DeminPennswoods	Feb 2018	#82
The crumbs comment comes from who ends up getting the cookie!	Freethinker65	Feb 2018	#77
AND	Iliyah	Feb 2018	#7
How do you figure?	WillowTree	Feb 2018	#54
k and r..nt	Stuart G	Feb 2018	#8
If the withholding went from $399.26 to $466.50, your paycheck would go DOWN by $67 nt	karynnj	Feb 2018	#10
I edited for clarity.	fescuerescue	Feb 2018	#71
Makes sense :)	karynnj	Feb 2018	#79
Is that with the new tables or old?	B2G	Feb 2018	#11
Thank you.	octoberlib	Feb 2018	#14
lucky you, we get 64.82 extra per month	gopiscrap	Feb 2018	#12
Well,	MichMary	Feb 2018	#66
you don't understand?	Skittles	Feb 2018	#85
Can't help but think	Windy City Charlie	Feb 2018	#16
Enjoy it while it last. Its temporary for you	TeamPooka	Feb 2018	#18
Which party will	MichMary	Feb 2018	#67
"Tax the rich" is a winning motto. They just got huge cuts.	TeamPooka	Feb 2018	#83
Actually...	stevenelijah	Feb 2018	#19
$268 a month is crumbs to you? Must be nice.	LexVegas	Feb 2018	#26
ikr	obamanut2012	Feb 2018	#45
that's a 15% reduction in withholding. i rather doubt most people's tax bill will go down that much	unblock	Feb 2018	#28
That's actually a really good point.	fescuerescue	Feb 2018	#73
I got 15 bucks every 2 weeks. 360/year. That is crumbs	sarah FAILIN	Feb 2018	#34
new tables	Historic NY	Feb 2018	#35
We should be careful, there are many examples of Nancy Pelosi and others	parkerMcDavis	Feb 2018	#36
I would love to get an extra $67 a week!	Kaleva	Feb 2018	#46
Tax rate always goes down January 1st	MacKasey	Feb 2018	#48
I remember in the 80s when Reagan gave the military a pay raise	demigoddess	Feb 2018	#50
This whole "crumbs" narrative is dangerous	Dreamer Tatum	Feb 2018	#52
That's not great but better than nothing. It looks like we'll get an extra $60 a month	Luciferous	Feb 2018	#61
To the run of the mill Fox news idiot $67.00 is a lot and they are happy the pukes are looking out	Autumn	Feb 2018	#69
question	burnbaby	Feb 2018	#81
And next year, you will owe more in taxes.	alarimer	Feb 2018	#84
people are so easily fooled	Skittles	Feb 2018	#86
So basically $250 per month	titaniumsalute	Feb 2018	#87
MFJ	fescuerescue	Feb 2018	#88
Check the math	Gothmog	Feb 2018	#89
That wouldn't surprise me at all.	fescuerescue	Feb 2018	#93
Nope sorry it's crumbs compared to what taxes are getting cut where and for whom. nt	Kirk Lover	Feb 2018	#90
Gas is up 15% in 45 days.	moondust	Feb 2018	#94

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 01:26 PM

Loki Liesmith (4,582 posts)

1. Check that they aren't underwitholding

Last edited Thu Feb 1, 2018, 02:04 PM - Edit history (2)

Some trickery going on.

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Response to Loki Liesmith (Reply #1)

Thu Feb 1, 2018, 01:32 PM

yallerdawg (16,104 posts)

5. They didn't give you a new W-4?

This new amount reducing your withholding just showed up?

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Response to yallerdawg (Reply #5)

Thu Feb 1, 2018, 01:43 PM

Dragonfly64 (40 posts)

17. You don't have to fill out a new W-4

because your withholding hasn't changed -- the tax rate tables have.

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Response to Dragonfly64 (Reply #17)

Thu Feb 1, 2018, 01:47 PM

yallerdawg (16,104 posts)

20. What if the employee wants to have more withheld?

And how sure should the employee be that enough is being withheld so there is no tax due next year?

Or the tax return remains as anticipated?

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Response to yallerdawg (Reply #20)

Thu Feb 1, 2018, 01:48 PM

leftynyc (26,060 posts)

21. Your payroll department

should be able to have all that for you.

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Response to yallerdawg (Reply #20)

Thu Feb 1, 2018, 01:49 PM

B2G (9,766 posts)

22. Because the tax rate goes down across the board.

Not just on your paycheck but when you file your returns.

It's the same reduction.

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Response to yallerdawg (Reply #20)

Thu Feb 1, 2018, 02:11 PM

marylandblue (12,344 posts)

29. You need to figure that out yourself

I read somewhere they deliberately reduced the witholding amount too much, so you get more now and pay later. So you need to estimate your tax now and if they aren't witholding enough, fill out a new w-4 including additional witholding. Most people won't bother with this but the bill won't be due until after the election. What a crock!

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Response to marylandblue (Reply #29)

Thu Feb 1, 2018, 02:13 PM

B2G (9,766 posts)

31. That's not the way this works.

Withholding is based strictly on the tax tables. The same one used to calculate your taxes.

It's not padded. You can only effect the amount withheld based on the deductions stated in your W4.

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Response to B2G (Reply #31)

Thu Feb 1, 2018, 02:21 PM

marylandblue (12,344 posts)

40. There's a line on the w-4 for "additional witholding"

If, for whatever reason you want them to withold more than your deductions allow.

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Response to marylandblue (Reply #40)

Thu Feb 1, 2018, 02:23 PM

B2G (9,766 posts)

42. I know that.

But withholding amounts are not 'padded' by the government to trick you into getting a bigger pay check and paying more when you file, which is what you stated.

That is completely within your control with your W4 deductions.

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Response to B2G (Reply #42)

Thu Feb 1, 2018, 02:26 PM

marylandblue (12,344 posts)

43. I read that they padded it somehow this time

And it may be true in my case. I got a huge bump in my take home pay, I was really surprised because it should not have been that much. Now I need go figure out if it's right or not.

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Response to marylandblue (Reply #43)

Thu Feb 1, 2018, 02:30 PM

yallerdawg (16,104 posts)

49. They cut deductions on the back end, too.

What I heard was it will come clear when the 2018 tax books come out. In 2019.

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Response to B2G (Reply #31)

Thu Feb 1, 2018, 03:04 PM

DeminPennswoods (14,169 posts)

72. The personal deductions are gone

You have to make sure to calculate your correct withholding if you were claiming more or fewer personal exemptions to cover for things like mortgage payments, investment income, etc. If you don't, you are either going to get a big refund or owe a lot and possibly have to pay a penalty on top as well.

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Response to yallerdawg (Reply #5)

Thu Feb 1, 2018, 03:04 PM

fescuerescue (4,177 posts)

74. No. The new withholding just appeared.

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Response to yallerdawg (Reply #5)

Thu Feb 1, 2018, 05:52 PM

aidbo (2,328 posts)

91. Also IRS has not yet released the 2018 w-4 form.

Just a draft version.

https://www.irs.gov/pub/irs-dft/fw4p--dft.pdf

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Response to aidbo (Reply #91)

Thu Feb 1, 2018, 06:01 PM

yallerdawg (16,104 posts)

92. "$XXXXX.XX"

I knew algebra would come in handy one day!

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Response to fescuerescue (Original post)

Thu Feb 1, 2018, 01:28 PM

guillaumeb (42,641 posts)

2. But if you invest that $67 per week for 12,000 years,

you will be a multimillionaire too.

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Response to guillaumeb (Reply #2)

Thu Feb 1, 2018, 01:32 PM

lapfog_1 (26,899 posts)

6. 574 years

we should be accurate with math.

Multi = >1

2,000,000 / 67 = 29,851 paychecks.

Assuming 52 weekly paychecks a year... 574 years.

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Response to lapfog_1 (Reply #6)

Thu Feb 1, 2018, 01:33 PM

guillaumeb (42,641 posts)

9. I actually used the number 12,000 in an attempt at humor.

And, this tax cut is temporary.

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Response to guillaumeb (Reply #9)

Thu Feb 1, 2018, 02:27 PM

davekriss (4,194 posts)

44. I think lapfog was using humor, too

See, even if we calculate it precisely, this tax cut is absurd. It actually represents class theft, because to pay for the tax cuts for giant corporations, the owners of these corporations, the 0.1%, many other services will be cut or reduced. Including social security and medicare.

(When those special treasury bonds begin to be redeemed -- you know, the surplus we paid for starting 1983 -- that comes out of general revenue. Thus the coming tsunami of attacks on all things that benefit people other than the top 1%, including social security.)

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Response to davekriss (Reply #44)

Thu Feb 1, 2018, 08:27 PM

lapfog_1 (26,899 posts)

95. Bingo+

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Response to guillaumeb (Reply #9)

Thu Feb 1, 2018, 02:38 PM

lapfog_1 (26,899 posts)

55. yes I know.

but 574 years is both accurate AND has the value of being funny and sad at the same time.

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Response to fescuerescue (Original post)

Thu Feb 1, 2018, 01:30 PM

imanamerican63 (11,686 posts)

3. That my very point!

We see pennies added & all the while the record million dollars profits!

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Response to fescuerescue (Original post)

Thu Feb 1, 2018, 01:31 PM

NCTraveler (30,481 posts)

4. Those aren't crumbs.

That's real money. A pretty big deal. Calling it crumbs is a pretty poor strategy.

I understand a little better considering your WITHHOLDING alone was $466.50/week. I assume you mean Federal Withholding. Wow. Solid pay.

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Response to NCTraveler (Reply #4)

Thu Feb 1, 2018, 01:37 PM

octoberlib (14,890 posts)

13. Wait until they cut SS, Medicare and

Medicaid to pay for it. Also in 2027 people who make less than 200,000 a year will see their taxes go up. This’ll be fixed by then , though.

Reply to this post

Response to octoberlib (Reply #13)

Thu Feb 1, 2018, 01:39 PM

NCTraveler (30,481 posts)

15. That's the argument.

Along with the new CBO suggestion that the debt ceiling be increased sooner rather than later.

Reply to this post

Response to octoberlib (Reply #13)

Thu Feb 1, 2018, 02:42 PM

MichMary (1,714 posts)

56. Woe to the party that raises taxes

Just sayin'.

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Response to NCTraveler (Reply #4)

Thu Feb 1, 2018, 01:51 PM

lapfog_1 (26,899 posts)

23. works out to $3,474 a year

not crumbs to anyone... but the OP is also correct... not life-changing either.

I would be very careful with that $67 a week as I suspect the withholding calculation is possibly inaccurate and I would hate to owe money in April 2019.

The other things to think about is what will increase as a result of this tax cut. For example, if you live in one of the states with significant state and local taxes and you are used to deducting those taxes on your federal return, you might not even be getting any sort of tax break.

I'm going to guess but if my math isn't way off the OP makes around $80,000 a year. $3,474 is a 4% tax break. Certainly not millions, but not chump change.

Before we all get excited about that 3 or 4 percent tax break, remember what we are losing as a society ( education environment infrastructure social services etc )

Also remember that the government is having to BORROW more money ( yet to be determined how much but the LOW end is $1.5T ) just to fund the things they haven't cut AND they have more spending bills coming to increase military spending. That much borrowing will impact the cost of money for all of us, even those who don't borrow money because we buy things and the companies who make those things DO borrow money so the increased cost of money will factor into the prices we pay.

Economic modeling is very difficult. Monkeying around with tax policy and trade policy and we will see all kinds of unintended consequences.

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Response to lapfog_1 (Reply #23)

Thu Feb 1, 2018, 02:04 PM

LeftInTX (19,807 posts)

24. If the OP is earning about $15/hour it sure is!

It means an increase of about 14%.

However, the OP is not specific enough.

A paycheck of $466 is equivalent to about $15/hour

The OP is too vague.

Reply to this post

Response to LeftInTX (Reply #24)

Thu Feb 1, 2018, 02:13 PM

mindem (1,580 posts)

32. He said his

"withholding" was $466. If his withholding is that much he is making a pretty decent income.

Reply to this post

Response to mindem (Reply #32)

Thu Feb 1, 2018, 02:19 PM

LeftInTX (19,807 posts)

38. He said his withholding went from $399 to $466

If this is the case, his withholding increased.

Then, he says his paycheck increased by $67.

The OP...is too, too vague

Reply to this post

Response to LeftInTX (Reply #38)

Thu Feb 1, 2018, 02:44 PM

lapfog_1 (26,899 posts)

59. Not at all

Federal withholding went from $466 to $399 for a $67 a week increase in net pay.

Assuming a few standard deductions, etc... one can extrapolate ( and I said it was a guess ) to an annual salary of $80K ( assuming around a 30 percent marginal rate ). To really know we would have to know what he or she filed on the W-2.

Reply to this post

Response to lapfog_1 (Reply #59)

Thu Feb 1, 2018, 02:49 PM

WillowTree (5,324 posts)

64. No, you are wrong.

If the withholding was increased, then the takehome would be less than before, not more.

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Response to WillowTree (Reply #64)

Thu Feb 1, 2018, 02:54 PM

lapfog_1 (26,899 posts)

68. I said the federal withholding went from $466

to $399... that is a DECREASE in withholding, not an increase.

That decrease resulted in a net pay increase of $67 a week... or $3484 a year.

Reply to this post

Response to lapfog_1 (Reply #23)

Thu Feb 1, 2018, 02:04 PM

NCTraveler (30,481 posts)

25. Another solid argument.

It's what we have to do. People lining up to call this amount of money "crumbs" isn't a winning proposition.

These crumbs will be disappearing over the years(if the crumbs aren't a part of something else as you have outlined), as the higher end cuts stay, and we will be straddled with the burden in the end anyway.

I really think the CBO statement is also an important tool for us.

https://www.cbo.gov/publication/53514

This can be put into a soundbite.

Reply to this post

Response to lapfog_1 (Reply #23)

Thu Feb 1, 2018, 02:09 PM

sarah FAILIN (2,857 posts)

27. I got 15 bucks every 2 weeks. 360/year. That is crumbs

I am considered "salary" so no overtime for me but only make in the 40 k area. Another 30 bucks a month is not worth selling out my kids future.

Reply to this post

Response to sarah FAILIN (Reply #27)

Thu Feb 1, 2018, 02:14 PM

B2G (9,766 posts)

33. Again, check your stub in 2 weeks.

The new tables go into effect today, not 2 weeks ago.

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Response to B2G (Reply #33)

Thu Feb 1, 2018, 02:18 PM

sarah FAILIN (2,857 posts)

37. No, my company implemented them early

Also, I checked it by the dollars held back as tax from November and December till now. Since my salary is always the same, it's easy to see the difference.

Reply to this post

Response to sarah FAILIN (Reply #37)

Thu Feb 1, 2018, 02:19 PM

B2G (9,766 posts)

39. How did they do that? nt

Reply to this post

Response to B2G (Reply #39)

Thu Feb 1, 2018, 02:32 PM

sarah FAILIN (2,857 posts)

51. They sent an email to us

It said they were getting it implemented before the deadline and that this was our first check with it. I 'm sure they just got the numbers and ran with it. The deadline is a deadline, not a starting point from what I understood.
I got my first check day before yesterday so it doesn't seem like a big deal.

Reply to this post

Response to sarah FAILIN (Reply #51)

Thu Feb 1, 2018, 02:43 PM

stopwastingmymoney (1,678 posts)

57. Quickbooks pushed the tables out about Jan 20

I ran a payroll on the 25th with new tables and was able to compare a few.

The 1200 paycheck had 37 less in wh and the 2600 check had 75 less

That said, wh tables are considerably simpler than your tax return and you may end up owing at tax time.

This happened with the 2003 tax cut

Reply to this post

Response to sarah FAILIN (Reply #37)

Thu Feb 1, 2018, 02:44 PM

Dem_4_Life (1,765 posts)

58. Yep my company sent out a note

That the new tax tables became effective on Jan. 11, 2018 so the difference that you will see on your next paycheck will also include the adjustment to the prior payroll dated Jan. 19.

My favorite part of the note also said:
Your Payroll and Human Resources partners cannot offer any tax advice but in the weeks ahead, the IRS will be providing more information to better understand and review the changes. You can visit their website throughout the year for helpful information and to access the new withholding tax calculator to help you determine what your withholding should be. They plan to release this by the end of February. The IRS website is www.irs.gov.

Either way mine went up by about $20.

Reply to this post

Response to sarah FAILIN (Reply #27)

Thu Feb 1, 2018, 02:46 PM

lapfog_1 (26,899 posts)

62. And your story is the more common story

Or as someone stated during the tax debate... about enough to buy a Starbucks once a week.

Reply to this post

Response to NCTraveler (Reply #4)

Thu Feb 1, 2018, 02:11 PM

Proud Liberal Dem (22,845 posts)

30. With the rate that prices on, well, everything, continues to go up

that money will evaporate quicker than you might think.

Reply to this post

Response to Proud Liberal Dem (Reply #30)

Thu Feb 1, 2018, 02:21 PM

NCTraveler (30,481 posts)

41. Completely dependent on other factors.

Even under you thoughts it isn't crumbs.

"that money will evaporate quicker than you might think."

I made no argument to it's staying power. Simply pointed out that thousands a year is not chump change and that promoting it as such is a flawed argument.

I do think inflation is about to rise at a quicker rate. There are serious concerns over it right now. That alone is one of the reasons the market was negatively impacted earlier this week.

http://www.todayonline.com/world/fed-leaves-rates-unchanged-sees-inflation-firming

Reply to this post

Response to Proud Liberal Dem (Reply #30)

Thu Feb 1, 2018, 02:49 PM

lapfog_1 (26,899 posts)

65. Especially if the unintended consequence of this tax break

is to push the inflation rate up even a point or two. And I expect that it will.

Could be a lot worse... suppose China decides that holding onto all that debt they hold in the form of US Tbills is simply not worth it anymore and they decide to dump it ( it wouldn't serve them to do that as they would lose 100s of billions ) HOWEVER as an "act of war" against the idiot in the White House, they could decide to lose the money. That would put us into a depression worse than the 1930s.

Reply to this post

Response to NCTraveler (Reply #4)

Thu Feb 1, 2018, 02:29 PM

WillowTree (5,324 posts)

47. I think they meant that their takehome went from $399.26 to $466.50.

Think about it. If the withholding was increased by that amount, the paycheck would actually be $67 less than it was before which doesn't make any sense. I think it was just a slip.

Reply to this post

Response to WillowTree (Reply #47)

Thu Feb 1, 2018, 02:34 PM

NCTraveler (30,481 posts)

53. You are correct.

I should have paid enough attention to recognize that. It actually makes the thousands even more significant on a personal level than I had originally thought. Not that we/they won't be paying for it later. We all will be.

Thanks for pointing out the detail.

Reply to this post

Response to WillowTree (Reply #47)

Thu Feb 1, 2018, 03:02 PM

lapfog_1 (26,899 posts)

70. I did not read it that way...

"My withholding went from to $399.26 (weekly) from $466.50 . (paid weekly)"

so there is the "typo" in this line... "from to".

I read it as "My withholding went TO $399.26 (weekly) FROM $466.50 . (paid weekly)"

Deleted the "to" and added empahsis.

Reply to this post

Response to lapfog_1 (Reply #70)

Thu Feb 1, 2018, 03:05 PM

fescuerescue (4,177 posts)

76. You are correct

And I edited out the extra "to" which confused everyone.

For privacy, I did not include take home pay, nor gross. Just how the Federal deduction changed.

Reply to this post

Response to WillowTree (Reply #47)

Thu Feb 1, 2018, 03:05 PM

DeminPennswoods (14,169 posts)

75. OP's withholding went down

Old: 466
New: 399
Net: +67

Reply to this post

Response to NCTraveler (Reply #4)

Thu Feb 1, 2018, 02:45 PM

sinkingfeeling (46,285 posts)

60. I get to pay $1000 a year more on my FIXED income of Social Security and

pension with the elimination of personal deduction and caps on local/property taxes.

Reply to this post

Response to sinkingfeeling (Reply #60)

Thu Feb 1, 2018, 02:48 PM

NCTraveler (30,481 posts)

63. Another solid argument.

This tax law is and will be devastating. For all of us.

I would never refer to the additional thousand you have to pay as "crumbs". Yet over three times that much is being referenced as just that. This is real money and I'm sorry we are going to have to go through it together. We will keep fighting to change it.

Reply to this post

Response to sinkingfeeling (Reply #60)

Thu Feb 1, 2018, 03:07 PM

DeminPennswoods (14,169 posts)

78. The loss of personal exemption is offset by an increase in

standard deduction. It's a net gain of about $2000. Unless your property taxes are over $10,000/yr, you can still deduct 100% of them if you itemize.

Reply to this post

Response to DeminPennswoods (Reply #78)

Thu Feb 1, 2018, 03:15 PM

sinkingfeeling (46,285 posts)

80. As a single person, why would I want to take a standard deduction of $12,000

when my itemized deductions exceed $18,000? So I lost the $4050 personal exemption and my state/local taxes are capped to $10,000.

Reply to this post

Response to sinkingfeeling (Reply #80)

Thu Feb 1, 2018, 03:19 PM

DeminPennswoods (14,169 posts)

82. In your case, you wouldn't

Just explaining what the new rules are for those who don't know.

Reply to this post

Response to NCTraveler (Reply #4)

Thu Feb 1, 2018, 03:07 PM

Freethinker65 (7,505 posts)

77. The crumbs comment comes from who ends up getting the cookie!

Yes, you will see some $ in your paycheck (decrease in tax withholding) if everything else from the last year stays the same (no increase in health insurance buy in premiums, etc.).

However, the "crumbs" comment comes from who gets the major share of the tax cut (or the cookie). And that would be the wealthiest that will be saving tens of thousands of dollars or more. That $$$ paid for a lot of social services, healthcare subsidies, infrastructure, military and security, environmental protection, public education, etc. that we all rely on. It will dramatically put a hole in the federal budget which will either lead to increased borrowing and spending (National debt which we all end up paying for) or more cuts in programs (especially social programs like social security, Medicare, and Medicaid).

When talking about "crumbs" please do not forget to talk about the "cookie".

There was a great cartoon about this a few years ago.

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 01:33 PM

Iliyah (25,111 posts)

7. AND

people will pay more taxes come 2019 taxes, except for the 1-2%ers and corporations.

Reply to this post

Response to Iliyah (Reply #7)

Thu Feb 1, 2018, 02:34 PM

WillowTree (5,324 posts)

54. How do you figure?

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 01:33 PM

Stuart G (34,815 posts)

8. k and r..nt

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 01:34 PM

karynnj (58,901 posts)

10. If the withholding went from $399.26 to $466.50, your paycheck would go DOWN by $67 nt

Reply to this post

Response to karynnj (Reply #10)

Thu Feb 1, 2018, 03:03 PM

fescuerescue (4,177 posts)

71. I edited for clarity.

The new withholding is the smaller number which has the effect of increasing take home by $67

Reply to this post

Response to fescuerescue (Reply #71)

Thu Feb 1, 2018, 03:08 PM

karynnj (58,901 posts)

79. Makes sense :)

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 01:34 PM

B2G (9,766 posts)

11. Is that with the new tables or old?

My understanding is they are effective today, but that would have been for time worked in January before the new tables went into effect.

Reply to this post

Response to B2G (Reply #11)

Thu Feb 1, 2018, 01:38 PM

octoberlib (14,890 posts)

14. Thank you.

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 01:35 PM

gopiscrap (22,524 posts)

12. lucky you, we get 64.82 extra per month

but deduct an extra 41.00 in additional health insurance premiums and an additional 9.08 in condo real estate tax per month and an extra 2.00 per month in condo insurance and an extra 7.50 in condo fees per month...so I made a whopping $5.32 per month

Reply to this post

Response to gopiscrap (Reply #12)

Thu Feb 1, 2018, 02:50 PM

MichMary (1,714 posts)

66. Well,

your condo taxes, insurance, fees, and health insurance would have gone up anyway, so you are still $64.82 ahead.

Don't understand why people are so upset about getting more of their own $$$ back. I cringed when I heard Speaker Pelosi refer to bonuses and bigger paychecks as "crumbs."

Reply to this post

Response to MichMary (Reply #66)

Thu Feb 1, 2018, 04:23 PM

Skittles (144,952 posts)

85. you don't understand?

Last edited Thu Feb 1, 2018, 09:43 PM - Edit history (2)

it's going to drive up debt and give repukes ammunition to destroy Social Security and Medicare

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 01:41 PM

Windy City Charlie (1,170 posts)

16. Can't help but think

That all of this is some sort of advanced payment on future taxes. Can't help but think this will all be coming back out of our pockets and thensome at some point in the future.

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 01:45 PM

TeamPooka (21,031 posts)

18. Enjoy it while it last. Its temporary for you

Enjoy it while it last. It’s temporary for youBut permanent for corporations

Reply to this post

Response to TeamPooka (Reply #18)

Thu Feb 1, 2018, 02:53 PM

MichMary (1,714 posts)

67. Which party will

raise taxes on individuals?? Whichever one does, loses BIG TIME in the following election.

Reply to this post

Response to MichMary (Reply #67)

Thu Feb 1, 2018, 03:45 PM

TeamPooka (21,031 posts)

83. "Tax the rich" is a winning motto. They just got huge cuts.

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 01:46 PM

stevenelijah (26 posts)

19. Actually...

If you could get a 15% return on that money you will have 1 million dollars in about 26 years...

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 02:04 PM

LexVegas (5,292 posts)

26. $268 a month is crumbs to you? Must be nice.

Reply to this post

Response to LexVegas (Reply #26)

Thu Feb 1, 2018, 02:29 PM

obamanut2012 (23,118 posts)

45. ikr

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 02:10 PM

unblock (50,828 posts)

28. that's a 15% reduction in withholding. i rather doubt most people's tax bill will go down that much

i recommend setting some of it aside for next april 15....

Reply to this post

Response to unblock (Reply #28)

Thu Feb 1, 2018, 03:04 PM

fescuerescue (4,177 posts)

73. That's actually a really good point.

If my liability doesn't go down by 15%. I'm going to be in deep doo doo at the end of the year.

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 02:15 PM

sarah FAILIN (2,857 posts)

34. I got 15 bucks every 2 weeks. 360/year. That is crumbs

The whole thing is a joke.

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 02:17 PM

Historic NY (35,776 posts)

35. new tables

[link:https://www.irs.gov/pub/irs-pdf/n1036.pdf|]

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 02:18 PM

parkerMcDavis (58 posts)

36. We should be careful, there are many examples of Nancy Pelosi and others

in the Democratic party absolutely praising Obama's $40 payroll tax cut during his first term. The right is putting this out front and center in the media.

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 02:29 PM

Kaleva (31,187 posts)

46. I would love to get an extra $67 a week!

That's $268 extra month. Would be nice to add that to my $1158 a month I get for SSDI.

It's funny what you very well off people here think of as crumbs.

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 02:30 PM

MacKasey (726 posts)

48. Tax rate always goes down January 1st

Everyone got more money in their paychecks because the tax rate drops back to 10% January 1st, not because of the tax cuts unless you make $10,000 in a weak

When you hit $10,000 is when you will see a differ of 3%, tax is going down from 15% to 12%. If you do not make more then $38,000 that is all the tax break you will see

That's the way I understand it

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 02:31 PM

demigoddess (6,332 posts)

50. I remember in the 80s when Reagan gave the military a pay raise

of 25%, they eliminated all or most of the allowances, like for extra expensive housing areas and flight pay etc. The net result was a 6 dollar pay raise. Hallelujah! NOT! The taxable base pay rose but actual take home pay didn't change. The end result was that for some people (until the republicans discovered their mistake) the retirement pay went way up for some people. HA HA! I guess they might have learned from their mistake, but they are doing the same thing again.

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 02:33 PM

Dreamer Tatum (10,925 posts)

52. This whole "crumbs" narrative is dangerous

It's not "crumbs." It's real money. There are probably several DUers who had gofundme's who would have been delighted with a little extra money in their checks.

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 02:46 PM

Luciferous (5,290 posts)

61. That's not great but better than nothing. It looks like we'll get an extra $60 a month

after we factor in the increase in our insurance.

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 02:58 PM

Autumn (41,728 posts)

69. To the run of the mill Fox news idiot $67.00 is a lot and they are happy the pukes are looking out

for them and giving them their money back that the government has been stealing from them.

And Fox and the pukes will never mention what that paltry 67 dollars is costing them and the country. The people I see that are so happy on FB have no clue that this is temporary and harming SS while the money the wealthy and corporations get are permanent.

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 03:18 PM

burnbaby (685 posts)

81. question

you get an extra $134 a month. would you rather get $134 or owe $134 a month? if you would rather owe than i suggest you send $134 a month to your favorite charity

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 04:07 PM

alarimer (16,245 posts)

84. And next year, you will owe more in taxes.

This "windfall" is a small bribe for the election. But next year, when it no longer matters, people will owe.

I'm going to have more withheld from my check, just in case.

Reply to this post

Response to alarimer (Reply #84)

Thu Feb 1, 2018, 04:26 PM

Skittles (144,952 posts)

86. people are so easily fooled

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 04:31 PM

titaniumsalute (4,742 posts)

87. So basically $250 per month

While that isn't too bad I guess I need to ask how you file? Did you also lose deductions when you file for 2018?

Reply to this post

Response to titaniumsalute (Reply #87)

Thu Feb 1, 2018, 05:00 PM

fescuerescue (4,177 posts)

88. MFJ

I have no idea what 2018 will look like

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 05:35 PM

Gothmog (116,034 posts)

89. Check the math

My son is an associate at a major firm and the new withholding tables would have resulted in him owing taxes at the end of the year.

Reply to this post

Response to Gothmog (Reply #89)

Thu Feb 1, 2018, 06:06 PM

fescuerescue (4,177 posts)

93. That wouldn't surprise me at all.

I'm just referring to the withholding on my own check.

When I get some time, I'm going to build a model that shows what my year end tax will looking like after incorporating all the new changes and rates. Unfortunately, Ive yet to find an unbiased accurate model (the current ones ive seen, over simplify or omit items to push their particular narrative).

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 05:46 PM

Kirk Lover (3,608 posts)

90. Nope sorry it's crumbs compared to what taxes are getting cut where and for whom. nt

Reply to this post

Response to fescuerescue (Original post)

Thu Feb 1, 2018, 06:10 PM

moondust (18,503 posts)

94. Gas is up 15% in 45 days.

Food prices are also up quite a bit.

And health insurance.

And...

Reply to this post

General Discussion (Forum)

Got my new paycheck today with new withholding.

1. Check that they aren't underwitholding

5. They didn't give you a new W-4?

17. You don't have to fill out a new W-4

20. What if the employee wants to have more withheld?

21. Your payroll department

22. Because the tax rate goes down across the board.

29. You need to figure that out yourself

31. That's not the way this works.

40. There's a line on the w-4 for "additional witholding"

42. I know that.

43. I read that they padded it somehow this time

49. They cut deductions on the back end, too.

72. The personal deductions are gone

74. No. The new withholding just appeared.

91. Also IRS has not yet released the 2018 w-4 form.

92. "$XXXXX.XX"

2. But if you invest that $67 per week for 12,000 years,

6. 574 years

9. I actually used the number 12,000 in an attempt at humor.

44. I think lapfog was using humor, too

95. Bingo+

55. yes I know.

3. That my very point!

4. Those aren't crumbs.

13. Wait until they cut SS, Medicare and

15. That's the argument.

56. Woe to the party that raises taxes

23. works out to $3,474 a year

24. If the OP is earning about $15/hour it sure is!

32. He said his

38. He said his withholding went from $399 to $466

59. Not at all

64. No, you are wrong.

68. I said the federal withholding went from $466

25. Another solid argument.

27. I got 15 bucks every 2 weeks. 360/year. That is crumbs

33. Again, check your stub in 2 weeks.

37. No, my company implemented them early

39. How did they do that? nt

51. They sent an email to us

57. Quickbooks pushed the tables out about Jan 20

58. Yep my company sent out a note

62. And your story is the more common story

30. With the rate that prices on, well, everything, continues to go up

41. Completely dependent on other factors.

65. Especially if the unintended consequence of this tax break

47. I think they meant that their *takehome* went from $399.26 to $466.50.

53. You are correct.

70. I did not read it that way...

76. You are correct

75. OP's withholding went down

60. I get to pay $1000 a year more on my FIXED income of Social Security and

63. Another solid argument.

78. The loss of personal exemption is offset by an increase in

80. As a single person, why would I want to take a standard deduction of $12,000

82. In your case, you wouldn't

77. The crumbs comment comes from who ends up getting the cookie!

7. AND

54. How do you figure?

8. k and r..nt

10. If the withholding went from $399.26 to $466.50, your paycheck would go DOWN by $67 nt

71. I edited for clarity.

79. Makes sense :)

11. Is that with the new tables or old?

14. Thank you.

12. lucky you, we get 64.82 extra per month

66. Well,

85. you don't understand?

16. Can't help but think

18. Enjoy it while it last. Its temporary for you

67. Which party will

83. "Tax the rich" is a winning motto. They just got huge cuts.

19. Actually...

26. $268 a month is crumbs to you? Must be nice.

45. ikr

28. that's a 15% reduction in withholding. i rather doubt most people's tax bill will go down that much

73. That's actually a really good point.

34. I got 15 bucks every 2 weeks. 360/year. That is crumbs

35. new tables

47. I think they meant that their takehome went from $399.26 to $466.50.