Author Topic: 2013 Tax Increases  (Read 7903 times)

Offline ag2

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2013 Tax Increases
« on: January 08, 2013, 11:10:19 AM »
I thought it might be interesting and enlightening to document the tax increases we see this year.

  • In 2013, the employee tax rate for social security will increase to 6.2% (up 2 points from 4.2%)

  • FSA (Flexible Spending Account) max contribution cut 50% (was $5,000 but now $2,500)
I'm sure there's more.  Add to this list.

Offline Serenity Gulch

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Re: 2013 Tax Increases
« Reply #1 on: January 08, 2013, 11:19:50 AM »
FSA (Flexible Spending Account) max contribution cut 50% (was $5,000 but now $2,500)

Slight correction. The Medical FSA limit was cut to $2500. The Child Care FSA limit remains at $5000

Offline cheryl1

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Re: 2013 Tax Increases
« Reply #2 on: January 10, 2013, 08:30:55 AM »
I'm out $3000. Small businesses are people. Therefore, I'm one of those rich people getting soaked, even though we can't take enough salary out of the farm to live on. So, my nursing income is also taxed as if I make 450,000 a year as a friggin nurse.  :pissed:

Sorry to the theater workers, hotel staff, and other people whose jobs depend on other's disposable income. I won't be able to support your jobs this year.

Offline LvsChant

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Re: 2013 Tax Increases
« Reply #3 on: January 10, 2013, 08:37:59 AM »
ouch. I haven't had the energy to see what it does to us this year...

Offline BiggBake

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Re: 2013 Tax Increases
« Reply #4 on: January 10, 2013, 09:09:43 AM »
The SS increase droped my net pay by $30.00 each check.  I get paid biweekly, so that is $780 a year I have to adjust for. :(

Offline Theswerd

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Re: 2013 Tax Increases
« Reply #5 on: January 15, 2013, 11:04:52 AM »
Like BiggBake, I lost about 20ish a check, also bi-weekly.

Offline Charlie17

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Re: 2013 Tax Increases
« Reply #6 on: January 16, 2013, 02:21:24 PM »
Even with a raise, I am down ~$45 a paycheck (twice a month).

Offline ttubravesrock

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Re: 2013 Tax Increases
« Reply #7 on: January 16, 2013, 03:34:16 PM »
I just compared my paychecks.

Earnings are static.
Withholdings are static.
FICA/Med is static.
Union fees (Not a member so they can't call them dues) are static.
Federal Income Tax went DOWN.

Take home pay is about $6 more than it was in 2012.
Maybe I need to check my paperwork and make sure they are withholding the correct amount, but I'm not seeing what you all are seeing. 

I'm curious though... Are you all that are reporting a reduction in take home pay residing in states that have a State Income Tax? Go through your pay stub and see if it really is your Federal Income Tax that is responsible.

nkawtg

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Re: 2013 Tax Increases
« Reply #8 on: January 16, 2013, 03:54:32 PM »
Are we being setup for a new future tax? Take a look in Box 12 of your W-2.
This is from the IRS Site.
 
"Reporting Employer Provided Health Coverage in Form W-2
The Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan on an employee’s Form W-2, Wage and Tax Statement, in Box 12, using Code DD. Many employers are eligible for transition relief for tax-year 2012 and beyond, until the IRS issues final guidance for this reporting requirement.
The amount reported does not affect tax liability, as the value of the employer excludible contribution to health coverage continues to be excludible from an employee's income, and it is not taxable. This reporting is for informational purposes only, to show employees the value of their health care benefits so they can be more informed consumers."
 
So "continues to be excludible" can (and probably will) change to "not excludible".
Just thought I'd toss this out there.

Offline oley454

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Re: 2013 Tax Increases
« Reply #9 on: January 16, 2013, 03:58:38 PM »
What you are seeing is the future tax on "Cadillac" health plans which I think goes into effect in 2014 or'15

nkawtg

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Re: 2013 Tax Increases
« Reply #10 on: January 16, 2013, 04:44:13 PM »
I wonder when they'll downsize the Cadillac to a Chevy.

Offline cheryl1

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Re: 2013 Tax Increases
« Reply #11 on: January 16, 2013, 09:10:39 PM »
I just compared my paychecks.

Earnings are static.
Withholdings are static.
FICA/Med is static.
Union fees (Not a member so they can't call them dues) are static.
Federal Income Tax went DOWN.

Take home pay is about $6 more than it was in 2012.
Maybe I need to check my paperwork and make sure they are withholding the correct amount, but I'm not seeing what you all are seeing. 

I'm curious though... Are you all that are reporting a reduction in take home pay residing in states that have a State Income Tax? Go through your pay stub and see if it really is your Federal Income Tax that is responsible.

My federal rate went up due to the expiration of the bush tax cuts. SS up to previous levels before obamas cut. No change in state or county taxes.

Offline Theswerd

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Re: 2013 Tax Increases
« Reply #12 on: January 17, 2013, 03:44:36 AM »
That's a negative, ghost rider... No income tax in the state of Texas.

My SS tax jumped from $41 to $66-ish.
My federal income tax went from $76 to $87. (Note... part of this is a weeeee bit o' extra hours. but they were billed as normal time since it was a holiday week...  and it is NOT enough hours to make this level of displacement. I'll try an update my numbers next payday.)

Offline LBSurfer

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Re: 2013 Tax Increases
« Reply #13 on: January 17, 2013, 09:22:08 AM »
We're down $200/mo in our family...even with 'cost of living' increases.  Awesomeness!

Offline rikkrack

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Re: 2013 Tax Increases
« Reply #14 on: January 17, 2013, 09:25:46 AM »
 :popcorn:

Offline Mexican_Hippie

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Re: 2013 Tax Increases
« Reply #15 on: January 17, 2013, 02:07:30 PM »
I had a good chunk extra taken out in January.

I don't pay Payroll tax towards the back end of the year because it maxes out at your first $110k of income.  So January 15 hurt when I went back up from 0% ($0) to 6.2% for Payroll tax.  I guess that means I'm out an extra $2,200 total this year.

Why do we need Social Security again?

Offline hanzel

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Re: 2013 Tax Increases
« Reply #16 on: January 17, 2013, 02:12:28 PM »
My new check is $76 less or $152 a month.  Wipes out the "raise" I received last year.

Offline ttubravesrock

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Re: 2013 Tax Increases
« Reply #17 on: January 17, 2013, 02:38:49 PM »
That's a negative, ghost rider... No income tax in the state of Texas.

My SS tax jumped from $41 to $66-ish.
My federal income tax went from $76 to $87. (Note... part of this is a weeeee bit o' extra hours. but they were billed as normal time since it was a holiday week...  and it is NOT enough hours to make this level of displacement. I'll try an update my numbers next payday.)

I don't know my numbers went the way they did. I will wait until next paycheck and see if they continue.  Perhaps our administrative folks changed my deductions accidentally.

All I know is I was expecting my take home pay to drop by 2%; and then it actually went up a little bit.

Offline Theswerd

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Re: 2013 Tax Increases
« Reply #18 on: January 23, 2013, 02:47:18 PM »
Yep. Just got my next pay checks stub. A 20 dollar hike. :/ Weeee.

Offline chrisdfw

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Re: 2013 Tax Increases
« Reply #19 on: January 23, 2013, 05:27:02 PM »
I'm out 220 a month for the ss tax increase, and while not a tax, mdical premiums are up 34 a month

Offline Theswerd

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Re: 2013 Tax Increases
« Reply #20 on: January 23, 2013, 06:13:59 PM »
I'm out 220 a month for the ss tax increase, and while not a tax, mdical premiums are up 34 a month


*Blinks. Does some mental math....*


I'll trade paychecks, if you like....  ;D

Offline ncjeeper

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Re: 2013 Tax Increases
« Reply #21 on: January 23, 2013, 11:12:20 PM »
Yeah taking home 22 dollars a week less now.

Offline ttubravesrock

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Re: 2013 Tax Increases
« Reply #22 on: January 29, 2013, 10:50:25 AM »
I just compared my paychecks.

Earnings are static.
Withholdings are static.
FICA/Med is static.
Union fees (Not a member so they can't call them dues) are static.
Federal Income Tax went DOWN.

Take home pay is about $6 more than it was in 2012.
Maybe I need to check my paperwork and make sure they are withholding the correct amount, but I'm not seeing what you all are seeing. 

I'm curious though... Are you all that are reporting a reduction in take home pay residing in states that have a State Income Tax? Go through your pay stub and see if it really is your Federal Income Tax that is responsible.

I compared the last 3 paychecks from 2012 (all the same) with the first 2 paychecks from 2013 (both the same). My previous post is still accurate. My Federal Income Tax rate went down. That probably just means I paid too much last year anyway.

Offline Theswerd

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Re: 2013 Tax Increases
« Reply #23 on: January 29, 2013, 10:59:40 AM »
You know, looking at it, my Federal tax did go down... By like 3 bucks. But my Social Security went up. Did you r social security line item change also?


It may be a Bracket issue, where federal taxes dipped, but for many/some was offset or more by the SS change...

Offline ttubravesrock

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Re: 2013 Tax Increases
« Reply #24 on: January 29, 2013, 01:52:01 PM »
State of Alaska has opted out of Social Security for its own employees. It was replaced with a state-run program. My deduction for that stayed the same.

Offline Theswerd

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Re: 2013 Tax Increases
« Reply #25 on: January 29, 2013, 01:55:12 PM »
Ah. Ok.


Lucky.




It is the SS item that is getting most people. It's increase is offsetting any decrease in taxes we are getting.

Offline soccer grannie

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Re: 2013 Tax Increases
« Reply #26 on: January 29, 2013, 03:48:31 PM »
When my daughter received her 1st paycheck when the temporary FICA tax cut went into effect, she went to payroll & had the extra amount she would receive added to her federal income tax withholding. By doing that, she never got the extra 2% on her check but did get a bigger tax refund. Now that the temporary FICA cut has expired, her paycheck wasn't cut because the stopped having the extra 2% added to her federal income tax withholding.

Offline oley454

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Re: 2013 Tax Increases
« Reply #27 on: January 29, 2013, 07:39:03 PM »
My check is down about $100 per month and that's with the piddling raise I got.  Company told us medical costs were down for the year but why did my premium jump 5%?  I love the new economy.

Offline Bennington1776

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Re: 2013 Tax Increases
« Reply #28 on: January 29, 2013, 08:39:04 PM »
$17.00 a week less.  Health insurance, vision and dental all have gone up.  Cost of living and raise don't even come close.  I think I need to go into an all cash business.

Offline rikkrack

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Re: 2013 Tax Increases
« Reply #29 on: January 29, 2013, 08:40:46 PM »
$17.00 a week less.  Health insurance, vision and dental all have gone up.  Cost of living and raise don't even come close.  I think I need to go into an all cash business.

Working on doing that myself