Have you tried GLP1 medications and found it didn't work for you? We'd like to hear about your experiences, what you tried, why it didn't work and how you're doing now. Click here to tell us your story

Any Tax Experts out there?

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?!?!?!

Replies

  • cyberiarob
    cyberiarob Posts: 229 Member
    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
    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
    Ugh!!! Ok... That explains it! Thank you!
  • aylajane
    aylajane Posts: 979 Member
    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.

Categories