OT - Anyone getting more cash in paycheck?

[BABYBULL24]

Get paid twice a month - last check was 60 buck more so 120 a month for me than the Feds...nice!

Didn't realize it was the Trump Tax cut - I'll take it.
Had to ask my co-worker - did we get a raise?
lol

 

[RU205]

Where have you been?

 

[ElmiraExpress]

Get paid twice a month - last check was 60 buck more so 120 a month for me than the Feds...nice!

Didn't realize it was the Trump Tax cut - I'll take it.
Had to ask my co-worker - did we get a raise?
lol

The country was already going broke, and now we’ll go broke at a much faster rate. I’d put the money in the bank and save it.

 

[RU4Real]

Beware the "pay increase".

Especially if you live in New Jersey - while your net paycheck may increase because of the decrease in Federal withholding rates, you may wind up screwed come this time next year, as the loss of the SALT deduction means that your overall federal tax liability doesn't go down.

 

[BABYBULL24]

Where have you been?

I dunno - from what I understand companies have until 2/15 to implement the changes - so didn't realize it would be in payroll taxes - thought it would be in taxes at the end of the year.

Sorry not an accountant.
lol

 

[RUfromSoCal?]

I think the money has something to do with Russian collusion....... but, I'm a little fuzzy on the details..........

 

[RU-ROCS]

Beware the "pay increase".

Especially if you live in New Jersey - while your net paycheck may increase because of the decrease in Federal withholding rates, you may wind up screwed come this time next year, as the loss of the SALT deduction means that your overall federal tax liability doesn't go down.

That’s my situation for sure. Very high, now non-deductible property taxes and paying lots of now non-deductible state income tax. My CPA says I’m looking at a tax hike of more than $20k over last year.

 

[ron313]

Lost a lot in deductions. Don't think the middle class will do so good. Happy with some tax cuts but I think it was skewed towards the top and now with increased spending and a tight labor market, we could see some major inflation and deficit. Also, our debt will get more expensive. Surprised the markets are turning on this though, even if only a correction. Between the cuts and the regulations, figured it would be higher before correcting or seeing significant volatility. There must be some serious fears in inflation and government spending. Thought that wouldn't show up so soon.

 

[Knight Shift]

Beware the "pay increase".

Especially if you live in New Jersey - while your net paycheck may increase because of the decrease in Federal withholding rates, you may wind up screwed come this time next year, as the loss of the SALT deduction means that your overall federal tax liability doesn't go down.

As with anything that comes out of Washington (or Trenton), never trust a politician, don't care which party.

 

[LevaosLectures]

Get paid twice a month - last check was 60 buck more so 120 a month for me than the Feds...nice!

Didn't realize it was the Trump Tax cut - I'll take it.
Had to ask my co-worker - did we get a raise?
lol

Yes but mine got canceled out by my state health insurance premium increase.

 

[APKnight]

I think the money has something to do with Russian collusion....... but, I'm a little fuzzy on the details..........

Correct. Under orders from Putin, Trump is orchestrating the destruction of the US economy. Payback.

 

[RUbacker]

Get paid twice a month - last check was 60 buck more so 120 a month for me than the Feds...nice!

Didn't realize it was the Trump Tax cut - I'll take it.
Had to ask my co-worker - did we get a raise?
lol

You didn’t know where the increase came from???? You really should pay more attention to these things. I’m enjoying a nice increase too.

 

[CJ1987]

That’s my situation for sure. Very high, now non-deductible property taxes and paying lots of now non-deductible state income tax. My CPA says I’m looking at a tax hike of more than $20k over last year.

Just had my taxes done this year a few days ago. Accountant was able to do a quick estimate for next year with new tax laws and while I exceed the 10K threshold going forward, my total refund stays almost exactly the same, I lose about $400. I can live with that, for more take home pay now.

 

[iReC89]

It's a loan. The govt is still spending that money also.

May not be completely unrelated to market volatility over inflation fears.

 

[RUBlackout]

I think the difference also for some will be the AMT tax. You may see more in your paychecks now and get worried that you will assume a higher tax bill at the end of the year but that could get offset by a reduction in the AMT.
The AMT already takes into account the higher property tax and SALT you pay and limits what you can deduct anyway so the cap of $10k there is somewhat in place(not to a full extent but it already limits what you can deduct).
I am hopeful that with the changes with AMT that this will lower the expected taxes for the year offsetting the SALT/Property Tax reductions to offset each other so that the increase my paycheck I am seeing now stands.
I paid over $9k in AMT this past year.

 

[krup]

Lost a lot in deductions. Don't think the middle class will do so good. Happy with some tax cuts but I think it was skewed towards the top and now with increased spending and a tight labor market, we could see some major inflation and deficit. Also, our debt will get more expensive. Surprised the markets are turning on this though, even if only a correction. Between the cuts and the regulations, figured it would be higher before correcting or seeing significant volatility. There must be some serious fears in inflation and government spending. Thought that wouldn't show up so soon.

Unfortunately, the markets don't seem to care about spending, evidently viewing that as a future generation's problem.

Whether this turns into a more severe downturn or just a temporary correction, interest rates are (and should be) the worry for people in the market. Stocks have been benefiting for years from the fact there was nowhere else to put your money. If interest rates get to where a reasonable return can be made in safer investments than stocks, that market will suffer simply from money flowing out of the market as people get back to more sane levels of diversification.

 

[RutgersMO]

Get paid twice a month - last check was 60 buck more so 120 a month for me than the Feds...nice!

Didn't realize it was the Trump Tax cut - I'll take it.
Had to ask my co-worker - did we get a raise?
lol

Do you smoke?
If so you can buy an extra pack of cigs every other day....

Big raise.

MO
ps I didn't get a raise....have my own small company / quit smoking 42 years ago.
Seriously, getting $1300 for the year is too small. You essentially received a .60 or .70 cents an hour bump.
Until last year I had 12 people working for my company. I considered any raise under $1 / hour ....an insult.

 

[LETSGORU91]

Smoking is bad for your health...recommending an extra ppd, every other day, to someone else is not sound advice. Would be much wiser to spend it on extra pizza and beer.

 

[CrazyfoRU]

Got about $100 per check (2 x month) increase. I'll take it! Don't agree with all Trump does of course but the tax cut is a positive. Most of it is focused on businesses and getting them to invest more in US. IMHO a good thing.

 

[RAA-1]

ps I didn't get a raise....have my own small company / quit smoking 42 years ago.
Seriously, getting $1300 for the year is too small. You essentially received a .60 or .70 cents an hour bump.
Until last year I had 12 people working for my company. I considered any raise under $1 / hour ....an insult.

As a small business owner you are most likely getting a big tax break as LLCs, S-CORPs, etc will not be taxable to you individually on all of the entity's income. 20% of income from such small businesses (up to $350,000 in net income) will be shielded from federal taxes. This treatment does not apply if you are a C-CORP but, in that case your coprorate tax was reduced form 35% to 21%.

Here is an article I recently read that is a simple explanation of this new tax treatment for small businesses. Read this link and get to the part on Pass Thru Entities:

https://www.greenbushfinancial.com/pass-income-will-taxes-2018-small-business-owners/

 

[rutgersdave]

That’s my situation for sure. Very high, now non-deductible property taxes and paying lots of now non-deductible state income tax. My CPA says I’m looking at a tax hike of more than $20k over last year.

Over on the CE board, they don’t believe anyone in NJ pays more.

 

[DanoRU]

I used on online calculator and put in my #'s from 2016. It shows me paying slightly less with the new tax law so it really isn't going to affect me. It's going to hurt people like Phil Murphy who pay $200K in property taxes which shows how outrageous our state tax system is. Nobody should be paying an annual property tax bill of $200K, regardless of their income or net worth.

 

[RUNVA]

About a $100.00 in my pay check and $50.00 in my military retirement. My long term medical is going up. Going to have to accept the lower coverage and opt for paid in full option.

 

[RUskoolie]

This thread is pathetic. Same people down playing 80-90% of the country getting a pay increase as no big deal ITT would thump their chest about increasing minimum wage for jobs that are actually meant for teenagers.

It’s ok to not like a President and recognize when he’s done something beneficial.

 

[jtung230]

This thread is pathetic. Same people down playing 80-90% of the country getting a pay increase as no big deal ITT would thump their chest about increasing minimum wage for jobs that are actually meant for teenagers.

It’s ok to not like a President and recognize when he’s done something beneficial.

Like the same people that call for reducing the deficit down playing a huge increase in deficit.

 

[RUinPinehurst]

This thread is pathetic. Same people down playing 80-90% of the country getting a pay increase as no big deal ITT would thump their chest about increasing minimum wage for jobs that are actually meant for teenagers.

It’s ok to not like a President and recognize when he’s done something beneficial.

This is the work of the GOP not Tinkles. Nonetheless, go ahead and be grateful for your CrackerJack bonus trinket, while the real break goes to the top 10% and to corporations, not you. Your kids and grand kids will pay for this. They won't be thanking you.

 

[RBS05]

Happy with some tax cuts but I think it was skewed towards the top

Uhhhh ya think?

 

[jtung230]

That’s my situation for sure. Very high, now non-deductible property taxes and paying lots of now non-deductible state income tax. My CPA says I’m looking at a tax hike of more than $20k over last year.

Have to call BS on this. You might have to pay tax on additional 20k of income.

 

[RU-ROCS]

Have to call BS on this. You might have to pay tax on additional 20k of income.

Without getting into too much detail, you have no idea what you are talking about. If you have high RE taxes and pay closes to 6 figures in state income tax your taxes are going up!

 

[RBS05]

This thread is pathetic. Same people down playing 80-90% of the country getting a pay increase as no big deal ITT would thump their chest about increasing minimum wage for jobs that are actually meant for teenagers.

It’s ok to not like a President and recognize when he’s done something beneficial.

Are we not allowed to wait and see how these tax cuts affect us in the future before calling this beneficial? Some of us are happy to sacrifice extra money in our pockets short term to not screw over the next generation like the baby boomers have done to us.

 

[T2Kplus10]

I think the difference also for some will be the AMT tax. You may see more in your paychecks now and get worried that you will assume a higher tax bill at the end of the year but that could get offset by a reduction in the AMT.
The AMT already takes into account the higher property tax and SALT you pay and limits what you can deduct anyway so the cap of $10k there is somewhat in place(not to a full extent but it already limits what you can deduct).
I am hopeful that with the changes with AMT that this will lower the expected taxes for the year offsetting the SALT/Property Tax reductions to offset each other so that the increase my paycheck I am seeing now stands.
I paid over $9k in AMT this past year.

Amen! Killing the AMT for couples making less than $1m ($500k for singles) is huge, especially for NJ!

We got hit with AMT by $6k last year, and $8k the year before.

 

[RU-ROCS]

Amen! Killing the AMT for couples making less than $1m ($500k for singles) is huge, especially for NJ!

We got hit with AMT by $6k last year, and $8k the year before.

On the flip side a family of 5 who has a nice house, good schools and high RE taxes can get hosed. In 2017, you got $21,000 in deductions including dependents and then got to itemize state and local taxes, charitable deductions, mortgage interest, etc. They eliminated all of the dependent deductions and replaced it with a $24,000 standard deduction for families. But you can no longer itemize unless you exceed that $24K deduction. Because you can now only take $10,000 in state and local taxes, it is difficult for any families to now get to a point where they can deduct what they used to.

 

[T2Kplus10]

On the flip side a family of 5 who has a nice house, good schools and high RE taxes can get hosed. In 2017, you got $21,000 in deductions including dependents and then got to itemize state and local taxes, charitable deductions, mortgage interest, etc. They eliminated all of the dependent deductions and replaced it with a $24,000 standard to deduction for families. But you cannot longer itemize unless you exceed that $24K deduction. Because you can now only take $10,000 in state and local taxes, it is difficult for any families to now get to a point where they can deduct What they used to.

Don't believe all of the negative hype on lost deductions. My families is losing $26.5k in deductions and personal exemptions, but our initial tax bill is still $1k lower (not accounting for the AMT or anything else). Why? Because the new rates and brackets are so much lower. Bottom line, you can lose a lot of deductions but the power of lower rates still wins the day.

 

[jtung230]

Without getting into too much detail, you have no idea what you are talking about. If you have high RE taxes and pay closes to 6 figures in state income tax your taxes are going up!

So wrong. If you have that much in deductions, you would’ve been a victim of the AMT. in that scenario, you are actually picking up 10k in deduction. To be clear, I’m sure your taxes could be higher, but not by 20k.

 

[RUskoolie]

Like the same people that call for reducing the deficit down playing a huge increase in deficit.

That is based on current GDP combined with ignoring that tax revenues increase every time there has been a federal tax cut.

 

[RUskoolie]

This is the work of the GOP not Tinkles. Nonetheless, go ahead and be grateful for your CrackerJack bonus trinket, while the real break goes to the top 10% and to corporations, not you. Your kids and grand kids will pay for this. They won't be thanking you.

ITT I learn that over 3 million people (and growing) who got bonuses/raises as a result of the tax cuts are crumbs. My ass will get drilled in taxes because I’m not poor but I’m not complaining because I understand economics. Oh and LOL at my “kids” paying for this line. As if baby boomers care about that.

 

[RUskoolie]

Are we not allowed to wait and see how these tax cuts affect us in the future before calling this beneficial? Some of us are happy to sacrifice extra money in our pockets short term to not screw over the next generation like the baby boomers have done to us.

3 million people have already gotten major bonuses or raises and 80-90% of the country has a bigger paycheck. The economy will feel like the 80s and 90s all over again IMO. There is a reason why the market has rallied 30% percent since Nov 2016. Pro business President = more money for most Americans.

 

[jtung230]

3 million people have already gotten major bonuses or raises and 80-90% of the country has a bigger paycheck. The economy will feel like the 80s and 90s all over again IMO. There is a reason why the market has rallied 30% percent since Nov 2016. Pro business President = more money for most Americans.

I like how you excluded 00s. Market was up big with Obama. Just saying.

 

[jtung230]

That is based on current GDP combined with ignoring that tax revenues increase every time there has been a federal tax cut.

Hope and change. I like it.

 

[RUbacker]

This is the work of the GOP not Tinkles. Nonetheless, go ahead and be grateful for your CrackerJack bonus trinket, while the real break goes to the top 10% and to corporations, not you. Your kids and grand kids will pay for this. They won't be thanking you.

How stupid are you ???