Tax cuts
Contributors to this thread:Community
From: Michael
18-Jan-18
I got my pay stub for last week today. They took out $82 less then last weeks pay stub for federal. That’s a reduction of $4264 from what they normally take out for the year.
Has anyone else notice a reduction yet?
I am definetly not complaining. I was thinking I would see $2000 less in taxes. I also thought it would happen In February.
From: Franzen
18-Jan-18
Hmmm... I also thought they weren't providing the payroll withholding requirements until later. You may complain if you find out come tax time next year that they didn't withhold enough. Might be worth checking into.
From: Michael
18-Jan-18
That’s the first thing I thought of when I punched the numbers in the calculator. It’s going to suck if I have to pay in now because they didn’t take enough out.
From: bigeasygator
18-Jan-18
I looked and my withholding hasn’t been adjusted from last year. If there were any unusual items in the income statement you were comparing it to that might be causing a difference. At first I thought they did adjust withholding and then realized I had already maxed out my 401k the previous year so I had less pre-tax deductions on my last paycheck of 2017 vs my first one in 2018. Might want to check something like that isn’t the case.
From: Michael
18-Jan-18
BEG, I just double checked. All my other deductions are the same. The federal withholding is $82 less. I am going off of pay stubs this year.
I checked with two other guys I work with. There’s went down down $80 for one guy and $76 the other guy.
From: BIG BEAR
18-Jan-18
I just checked mine too.... Between my wife's and my paycheck.... We paid a little over $50 less ...... We get paid every 2 weeks so that comes out to a little over $1,300 savings a year....
From: HDE
18-Jan-18
Did an FSA last year, so I'll have to wait and see what the difference is.
From: TGbow
18-Jan-18
All I know is, I pay too much. Lol
From: HDE
18-Jan-18
^^^ yep, 25% too much...
From: Huntcell
18-Jan-18
IRS is releasing tables depends when your employer implements them
From: BIG BEAR
18-Jan-18
After looking at that chart I think my savings might end up being a little bit more than I figured.... I was looking at my last check which although it was issued in 2018..... part of that pay period was in 2017..... I'll know more on my next paycheck...
From: Michael
18-Jan-18
That table is pretty accurate then. I get paid weekly so what there showing biweekly looks right then.
From: Mint
19-Jan-18
Living on Long Island I have high state taxes and high real estate taxes but I also get hit with AMT. I'm thinking it will be a wash with me and even if it isn't it is good for the country and the economy.
From: Squash
19-Jan-18
Yeah, and now Cuomo is going to raise state taxes to punish those in NY that received a tax cut due to Trumps tax cut. All you down state NY’ers need to keep voting for the likes of Coumo, Schumer, and Jillabrand.
From: TGbow
19-Jan-18
Cuomo and the likes claim to be for the working class, what a joke. The Federal or state governments were never intended,by the founders, to have the power to dictate who should pay more or less taxes, and then redistribute the tax dollars to other citizens.
Yep, there's a reason there was no income tax before 1918. Except for a short period during the Civil War.
From: Kodiak
19-Jan-18
Tax cuts are great, but what really needs to happen is government cuts. Entire departments need to be eliminated, slashed and burned. Govt is a runaway train.
Having the Fed print up extra funny money to offset tax cuts results in inflation, the hidden tax.
From: Hunting5555
19-Jan-18
IRS tables came out at the end of last week. Like someone said above, its just a matter of how fast your employer can get them implemented. It is supposed to be done no later than February 15th.
