Have you seen a tax cut in your paycheck?

[Pandora]

Obama said we will start seeing tax cuts in April. I just got my first April pay check. I am paid on the last day of every month so my last months pay check would not have shown the Obama tax cut.

My check was 12 cents more than last months. This is my tax cut

and I dont make much money, a single mom making about 14 dollars an hour, 40 hours a week.


Is this what we were all expecting? How much did you see in your check?

 

[Andy]

I was wondering the same, with the exception that I assumed Obama was a complete liar and there was no real tax cut. Everyone kept talking about a rebate, and a tax cut. Where is it? I got my last check for April too. There was no cut to speak of in it either.

 

[GenSeneca]

Yeah... the stealfromus package was supposed to include a $1000 check to taxpayers making 75k or less.... I haven't seen my check yet.

"95% of you will see a tax cut"... of a couple pennies. 100% of you will see massive increases in the cost of alcohol, tobacco, electricity and anything else you might use on a daily basis.

 

[Pandora]

I guess this is what he meant by

"change" you can believe in

12 cents

 

[top gun]

To those who haven't seen any increase in their paychecks starting with their first paycheck in April I might suggest they examine the costs of your other deductions... medical, dental etc. because they may have went up. If that's not it you should go have a talk with your company's payroll dept... they may be withholding incorrectly after the change.

My deductions all stayed the same and my check did go up slightly... looks like about a $30 some dollar increase every two weeks... but there was definitely an increase due to less tax withholding.

Added up it looks like about an extra $900 per year for me. I'll take it!

 

[Pandora]

I was wondering the same, with the exception that I assumed Obama was a complete liar and there was no real tax cut. Everyone kept talking about a rebate, and a tax cut. Where is it? I got my last check for April too. There was no cut to speak of in it either.

We might be the lucky ones Andy, I understand that his tax "cut" is not really a tax cut. They take less Federal taxes through out the year. It was gonna be 13 dollars a week for the first 6 months then 8 dollars a week for the next 6 months but next April 15th you owe taxes from the same tables we just used this April. So the "cut" is a loan that all has to be paid back but this coming tax season you owe a bigger lump up front.

I guess I should be glad mine was 12 cents, I wont owe as much as others come April 15th.

 

[Pandora]

To those who haven't seen any increase in their paychecks starting in their first check in April I might suggest they examine the costs of your other deductions... medical, dental etc. because they may have went up.

My deductions all stayed the same and my check did go up slightly... looks like about a $30 some dollar increase every two weeks... but there was and increase due to less tax withholding.

Added up it looks like about an extra $900 per year for me. I'll take it!

You will also owe 900 more next April 15th from the way I understand it.

I checked my statement, nothing has changed

 

[top gun]

You will also owe 900 more next April 15th from the way I understand it.

I checked my statement, nothing has changed

That's not true. This is simply less Federal tax on your income. Not just withholding less tax so you could get to own the whole amount back come April 15th 2010.

Come on...

Now there have been some lump some checks in the past that have been considered "income" and add that amount to your total taxable income... but this is simply a lower tax rate.

 

[Pandora]

That's not true. This is simply less Federal tax on your income. Not just withholding less tax so you could get to own the whole amount back come April 15th 2010.

Come on...

Now there have been some lump some checks that have been considered "income" and add that amount to your total taxable income... but this is simply a lower tax rate.

I hope we are both on the fourm come next year. if I am wrong I will admit it but if you are wrong you have to admit it too ok

 

[samsara15]

The tax on my BAE pension went down from $119.13 to $43.85. There was no tax reduction on my social security, since I specified that they withold a flat 7% on it. The taxes withheld on my 401k also remained the same. So the next reduction for me seems to be around $900 per year.

 

[pocketfullofshells]

first if cuts start in April, you will see it on first check that has your time worked in April, first check this month would most likely be for last months time...

 

[Pandora]

Tax cut update

Someone at work pointed out to me that our work pays us on the last day of the month but the pay period is from the 14th of one month to the 15th of the next month... So in all fairness I got more than 12 cents. I should get double of what I got this month since this check was based on half a months pay with the new tax cut. Next months should be 24 cents.

 

[top gun]

I hope we are both on the fourm come next year. if I am wrong I will admit it but if you are wrong you have to admit it too ok

That's no problem at all... I can actually win now if ya want?

They were talking about this today on CNN radio and you've either completely mixed up the story or you just dissected and told part of the story you know in an attempt to make President Obama look bad saying he didn't do as he said he would and cut 95% of American's taxes starting this April.

Don't know which... but I do know the truth... I'll share.

The issue was this: They have discovered the new system was giving a small fraction of people MORE OF A TAX CUT than they were supposed to get. They still get a TAX CUT just the right tax cut for their bracket.

So if you happen to fall into this category you would owe the difference between the correct TAX CUT and the OVER SIZED TAX CUT on your 2010 taxes.

But saying that the tax cut itself either isn't happening or will be owed on your 2010 taxes is a 100% out & out untruth... or lie... everybody can make their own call on that.

 

[Pandora]

That's no problem at all... I can actually win now if ya want?

They were talking about this today on CNN radio and you've either completely mixed up the story or you just dissected and told part of the story you know in an attempt to make President Obama look bad saying he didn't do as he said he would and cut 95% of American's taxes starting this April.

Don't know which... but I do know the truth... I'll share.

The issue was this: They have discovered the new system was giving a small fraction of people MORE OF A TAX CUT than they were supposed to get. They still get a TAX CUT just the right tax cut for their bracket.

So if you happen to fall into this category you would owe the difference between the correct TAX CUT and the OVER SIZED TAX CUT on your 2010 taxes.

But saying that the tax cut itself either isn't happening or will be owed on your 2010 taxes is a 100% out & out untruth... or lie... everybody can make their own call on that.

So are you saying they changed it and its not 13 dollars a week for the first 6 months and then 8 dollars a week for the next 6 months? That was a pathetic tax cut in the first place but even that is better than 24 cents a month.

Are you saying there is no mistake, a single mom making 14 dollars and hour really is getting a 24 cents a month tax cut? That is the tax cut Obama promised me? You are serious? Seriously?


About the paying it back April 15, 2010. I am repeating what 3 different CPA's said. I am not a CPA, I know very little about tax stuff. There were 3 different CPA's being interviewed on the radio and they all said the same thing.

 

[BigRob]

So are you saying they changed it and its not 13 dollars a week for the first 6 months and then 8 dollars a week for the next 6 months? That was a pathetic tax cut in the first place but even that is better than 24 cents a month.

Are you saying there is no mistake, a single mom making 14 dollars and hour really is getting a 24 cents a month tax cut? That is the tax cut Obama promised me? You are serious? Seriously?


About the paying it back April 15, 2010. I am repeating what 3 different CPA's said. I am not a CPA, I know very little about tax stuff. There were 3 different CPA's being interviewed on the radio and they all said the same thing.

Depending on the manner in which you file, the stimulus deductions were capped at a certain number. You will still have to pay taxes on these and the total write offs are expected to total less than the cuts in many families who will then have to make up the difference come tax day.