For those of you who have employees, have you seen the new tax withholding tables? Notice that Mr. Geithner and co. want withholding from the very first dollar…no exception. (dollar #1 gets taxed 7.65%) And that is just the beginning!! Wonder what that will do for 1099s???
At its most basic level, capitalism offers people the freedom to choose where they work and what they do … the dignity that comes with profiting from their talent and hard work. … The free-market system also provides the incentives that lead to prosperity — the incentive to work, to innovate, to save and invest wisely, and to create jobs for others.†-President George W. Bush In other words, free-market capitalism is the best path to prosperity.
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I thought taxes were reduced?
no comment. No one "THOUGHT".....that's the problem.
At its most basic level, capitalism offers people the freedom to choose where they work and what they do … the dignity that comes with profiting from their talent and hard work. … The free-market system also provides the incentives that lead to prosperity -- the incentive to work, to innovate, to save and invest wisely, and to create jobs for others.†-President George W. Bush
In other words, free-market capitalism is the best path to prosperity.
Bob, what are you looking at? I looked it up online and smlaw appears to be correct.
It's the withholding schedule, and that may end up being different than final taxes. I was looking at the government table for 2009. I have to leave but I will be back tomorrow. sorry.
http://www.irs.ustreas.gov/pub/irs-pdf/p15.pdf
At its most basic level, capitalism offers people the freedom to choose where they work and what they do … the dignity that comes with profiting from their talent and hard work. … The free-market system also provides the incentives that lead to prosperity -- the incentive to work, to innovate, to save and invest wisely, and to create jobs for others.†-President George W. Bush
In other words, free-market capitalism is the best path to prosperity.
No, I stand corrected. He was right...it was at the end. It's still NOT good news, at that, however!
At its most basic level, capitalism offers people the freedom to choose where they work and what they do … the dignity that comes with profiting from their talent and hard work. … The free-market system also provides the incentives that lead to prosperity -- the incentive to work, to innovate, to save and invest wisely, and to create jobs for others.†-President George W. Bush
In other words, free-market capitalism is the best path to prosperity.
No, I stand corrected. He was right...it was at the end. It's still NOT good news, at that, however!
Why is my paying into Social Security (which my recently laid off 65 yr old mom is now collecting) bad news?
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Paying into FICA is not necessarily bad news, but it will be bankrupt by the I will need it, (I'm 55). I wasn't talking about that, I was talking about the revised withholding requirements. They get to keep more of our money, and we have to work harder to get it back. I would suggest to go back and carefully read ALL the posts.
At its most basic level, capitalism offers people the freedom to choose where they work and what they do … the dignity that comes with profiting from their talent and hard work. … The free-market system also provides the incentives that lead to prosperity -- the incentive to work, to innovate, to save and invest wisely, and to create jobs for others.†-President George W. Bush
In other words, free-market capitalism is the best path to prosperity.
That 7.65% is SS and MI, aint it?
It is not a tax, it is to be termed an 'investment' or 'contribution' aint it?
BTW, YOU are 'allowed' to contribute another 7.65%, right?
Edited 3/25/2009 3:17 pm ET by junkhound
No, it's straight ahead IRS withholding tables. FICA, etc., represent other amounts and schedules.
At its most basic level, capitalism offers people the freedom to choose where they work and what they do … the dignity that comes with profiting from their talent and hard work. … The free-market system also provides the incentives that lead to prosperity -- the incentive to work, to innovate, to save and invest wisely, and to create jobs for others.†-President George W. Bush
In other words, free-market capitalism is the best path to prosperity.
You mean I'm going to have to start paying taxes on my pittance?
30% of 0 = 0
;^)
might be able to get them to subsidize your loss though.
Notice that Mr. Geithner and co. want withholding from the very first dollar...no exception. (dollar #1 gets taxed 7.65%)
Take another look. Using the percentage method, a single employee, paid weekly, gets withholding after the first $138. Married, after the first $303.
The 7.65% is social security plus medicare, which has always been from the first dollar. You are probably looking at the combined tables, that start on page 49 of the booklet that just arrived from our pals at the IRS.