Any Tax Experts out there?

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stresco
stresco Posts: 354 Member
in Chit-Chat
I know that there are a LOT of smart people out there on MFP... I'm going over finances and noticed something I don't understand and I was hoping someone here could explain it to me: My Social Security Tax deductions are different every payroll period. I am a salaried employee so I get the some amount of pay each pay-period, but these are always different. This pay period I am paying 101.00 MORE in SS Tax than I did the last payroll of 2012 WTF?!?!?!

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  • cyberiarob
    cyberiarob Posts: 229 Member
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    I'm not a tax expert, but I do know that the SS tax rate went up on the first of the year. Actually, they lowered it a few years ago and it went back to "normal" this year.
  • wadedawg
    wadedawg Posts: 315
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    You were paying 4% previously. That changed the first of the year to 6.5%. The additional 2.5% explains the difference.
  • stresco
    stresco Posts: 354 Member
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    Ugh!!! Ok... That explains it! Thank you!
  • aylajane
    aylajane Posts: 979 Member
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    Yes, it went from 4.2% back up to 6.2% on the first. Not sure why it would change beyond this . Except if/when you hit about 90,000 year to date it will drop to 0% for the rest of the year.

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