Payroll Tax Executive Order

So, if I up my federal withholdings to match the increase in my paycheck, will they still take out the back taxes in January?
 
ShuffleTheList I think they will, income tax and OASDI tax are completely separate and there's no reason for them to look at the combined amount. Just keep the extra money in your savings account because you're damn sure going to want it come January.

Alpha_bravo2 That article almost makes it sound as simple as "don't withhold 6.2% now, instead withhold 12.4% later" (which would of course screw over anyone who got a raise or COLA in the meantime) but the guidance from the IRS says that the employers should just pay whatever was deferred along with the regular tax come the first four months of 2021. So theoretically no one will come out behind or ahead. But I'm not sure I trust payroll to implement this properly...

The other interesting thing is that they're going to implement it paycheck-by-paycheck for anyone who earns less than $4500 for that specific paycheck. So some people might be right on the line and get it one pay period but not the next depending on differentials.
 
So to be safe any anyone effected by this should be putting roughly 6% in a bank account until a final resolution is reached.

I still can’t imagine they ask for that money back. Most people won’t have the discipline to not spend it, it’s like when a lot of people bitched that they got a slightly lower tax refund after the Trump tax plan but forgot or didn’t notice that they were getting 3-4% or more take home per check which way more then made up for that.

If Trump wins he will piss off his middle class base by reclaiming all that, if Biden wins people will immediately hate him when their taxes go up 12.4% right after he is sworn in.
 
FightingIrish2012 said:
So to be safe any anyone effected by this should be putting roughly 6% in a bank account until a final resolution is reached.

I still can’t imagine they ask for that money back. Most people won’t have the discipline to not spend it, it’s like when a lot of people bitched that they got a slightly lower tax refund after the Trump tax plan but forgot or didn’t notice that they were getting 3-4% or more take home per check which way more then made up for that.

If Trump wins he will piss off his middle class base by reclaiming all that, if Biden wins people will immediately hate him when their taxes go up 12.4% right after he is sworn in.
Click to expand...
Yeah, because Biden is responsible for it somehow
 
FightingIrish2012 said:
So to be safe any anyone effected by this should be putting roughly 6% in a bank account until a final resolution is reached.

I still can’t imagine they ask for that money back. Most people won’t have the discipline to not spend it, it’s like when a lot of people bitched that they got a slightly lower tax refund after the Trump tax plan but forgot or didn’t notice that they were getting 3-4% or more take home per check which way more then made up for that.

If Trump wins he will piss off his middle class base by reclaiming all that, if Biden wins people will immediately hate him when their taxes go up 12.4% right after he is sworn in.
Click to expand...
 
FightingIrish2012 said:
So to be safe any anyone effected by this should be putting roughly 6% in a bank account until a final resolution is reached.

I still can’t imagine they ask for that money back. Most people won’t have the discipline to not spend it, it’s like when a lot of people bitched that they got a slightly lower tax refund after the Trump tax plan but forgot or didn’t notice that they were getting 3-4% or more take home per check which way more then made up for that.

If Trump wins he will piss off his middle class base by reclaiming all that, if Biden wins people will immediately hate him when their taxes go up 12.4% right after he is sworn in.
Click to expand...
I’d be so sad if Biden puts our taxes back to a places where we don’t lose the most money as any administration in history. I’d feel so poorly for Jeff bezos if he has to pay a couple billion in taxes
 
CaptainObvious said:
Yeah, because Biden is responsible for it somehow
Click to expand...
That's the whole politics of it-

If trump wins and the senate stays repub, they will increase holding and blame the dems next year. It may be sufficient enough to kill ss.

If the senate flips, or the presidency flips, guess who will be blamed (even if it doesn't flip somehow)

that's how it works, repubs fuck it up, dems fix it until people get happy ish, then repubs back in.

Nixon fucked it followed by clinton
Bush fucked it followed by obama
Trump is the only that has managed to get housing, gold, stocks, national debt, and unemployment up all at the same time-and democrats will be blamed somehow when he's re elected you watch


Anyhow it's an ok idea (give people slightly more money now and take slightly more in jan) but you should be able to opt out
 
Phillytroll69 said:
That's the whole politics of it-

If trump wins and the senate stays repub, they will increase holding and blame the dems next year. It may be sufficient enough to kill ss.

If the senate flips, or the presidency flips, guess who will be blamed (even if it doesn't flip somehow)

that's how it works, repubs fuck it up, dems fix it until people get happy ish, then repubs back in.

Nixon fucked it followed by clinton
Bush fucked it followed by obama
Trump is the only that has managed to get housing, gold, stocks, national debt, and unemployment up all at the same time-and democrats will be blamed somehow when he's re elected you watch


Anyhow it's an ok idea (give people slightly more money now and take slightly more in jan) but you should be able to opt out
Click to expand...
It’s a horrible idea. It fucks over people that won’t save it. It fucks over people that are retired, and it does NOTHING for unemployed people that actually need help
 
32andBelow said:
It’s a horrible idea. It fucks over people that won’t save it. It fucks over people that are retired, and it does NOTHING for unemployed people that actually need help
Click to expand...
Unemployed people are getting enough help as it is and almost every state has now agreed to pay the extra $100 a week so the feds kick in a extra $300 a week. In most states this brings total take home pay on unemployment between the state rate and the state/fed supplement to between $750-$950 a week. That does not match pay if you were making well into six figures but it will let 90% of those unemployed maintain their current standard of living. The tax cut thing is overcomplicated and a pain in the ass but it is an incentive for those who are working/have been working through all this as long as they don't demand all the money back. You are right that most people are stupid or lack the discipline to plan to save the money just incase they need to pay it back but that is a personal flaw, not a issue with the system.

Retired people were not working anyway so none of that matters to them, they should have their income all set up through IRA withdrawals and social security, so the only way they are effected is by not getting a second stimulus check.
 
FightingIrish2012 said:
Unemployed people are getting enough help as it is and almost every state has now agreed to pay the extra $100 a week so the feds kick in a extra $300 a week. In most states this brings total take home pay on unemployment between the state rate and the state/fed supplement to between $750-$950 a week. That does not match pay if you were making well into six figures but it will let 90% of those unemployed maintain their current standard of living. The tax cut thing is overcomplicated and a pain in the ass but it is an incentive for those who are working/have been working through all this as long as they don't demand all the money back. You are right that most people are stupid or lack the discipline to plan to save the money just incase they need to pay it back but that is a personal flaw, not a issue with the system.

Retired people were not working anyway so none of that matters to them, they should have their income all set up through IRA withdrawals and social security, so the only way they are effected is by not getting a second stimulus check.
Click to expand...
A 6% loan for 3 months is just dumb. Like who is that going to help? Am I supposed to buy a bunch of options with it. And then pay it back? Am I supposed to take it to Vegas?
 
Does anyone actually believe any billionaires will ever pay taxes or the taxes some are deluded into believing they "should"? If they're smart enough to avoid them now there are just new ways they'll find to avoid them.
 
32andBelow said:
A 6% loan for 3 months is just dumb. Like who is that going to help? Am I supposed to buy a bunch of options with it. And then pay it back? Am I supposed to take it to Vegas?
Click to expand...
Dude, settle down, why all the salt this morning? We are all NATCA brothers and sisters here, infighting is never the answer. You should be happy there are finally substantive talks to resume training and the collaborative work group submitted an extensive plan. If you are in a "green" region you could be back to classroom after Labor Day, simulator training by the end of the month, CPC by the end of next summer training on reduced traffic.
 
FightingIrish2012 said:
Dude, settle down, why all the salt this morning? We are all NATCA brothers and sisters here, infighting is never the answer. You should be happy there are finally substantive talks to resume training and the collaborative work group submitted an extensive plan. If you are in a "green" region you could be back to classroom after Labor Day, simulator training by the end of the month, CPC by the end of next summer training on reduced traffic.
Click to expand...
No one knows what regions are geeen ?
 

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