OK, I think the pay schedule is sorted out after the holidays and the tax reform. My MASSIVE Tax Cut™ is $6/month. So every month and a half, I can buy a Big Mac Meal! Woohoo!
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Buy hey, JPMorgan is going to save almost one-third on their tax rate from last year, so clearly it all balances out.
You lucky, lucky man. You could also take that money, save it up, and use it for good coffee or beer. Perhaps stylish collars for Creamsicle and Tonka? It might take a few months, but Congress made it possible.
Ahh. Congress. What would we do without 'em?
I hope that like the other winners from the tax law, you will donate massive amounts of your tax savings to the Trump reelection campaign…
My withholding dropped by $160 but was offset a bit by an increase in the withholding for my health plan. Nets out to a $120 gain on my annuity each month. Hopefully they did it right and I don’t have to pay next year. I did get small refund this year.
Dennis
I have no idea what the net effect is for me. I worked part-time thru the end of last year, but I’m back to 40-hour weeks, so my pay went up because of that. And I increased the amount going to my 401k, so who knows? Plus I claim married, 0 exemptions with an additional $200/month withheld to keep from getting killed at tax time. The stupid worksheets are worthless as far as I’m concerned.
Trump’s MASSIVE Tax Cut™ worksheets, or another worksheet.
Either way, I’ve never heard of either of them. I looked at the last pay stub from 2017 and subtracted the amount from my current pay stub. The difference is exactly three dollars. Since we have 24 pay periods (instead of 26), that comes out to almost $1.29 per week. Almost.
Seriously, I wish I could meet Trump so that I can throw his almost-$1.29 right back in his face. His billionaire friends obviously need it more than I do.
Are there other things deducted from your paycheck (like health insurance premiums)?
I just checked my personal situation. On my base salary, the federal income tax withholding dropped $65.10 per paycheck (24 pay periods per year). Presumably it’s reduced by a similar amount on pay periods where I get a bonus, but it’s harder to do an apples-to-apples comparison there.
Bottom line, HD is saving $130.20+/month thanks to Trump and the Republicans.
The loss of the SALT deductions wiped out any savings we might have realized. You should all rest easy though, because it appears that we are personally funding the US Military.
Of course. They were also deducted before the MASSIVE Tax Cut – The Biggest Tax Cut In History™.
Well, for example, a lot of people’s health insurance premiums are more this year than last year, so it’s possible that your tax savings have been largely offset by increases in your health insurance premiums. A more accurate comparison would be to look at the amount of federal income tax withholding, like I did, rather than just the overall take-home pay, which you apparently did.
Nope. Premiums went down. The difference between the old premium and the new premium goes into an HSA. So total health care deductions are the same.
Lucky you.
So is the difference between your federal income tax withholding from last year to this year just $3 per pay period?
A question. Did your company recalculate the withholding? And did you check their calculations?
My company sent an email alerting all employees that the withholding would be recalculated but it would take a bit of time. I got the first check under the new witholding and saw a bump, over $100.
Slee
I don’t have the pay stub yet. Won’t get it for a couple of days.
But the fact is that my pay check was three dollars more than the last one before the holidays.
That’s not a very interesting or relevant fact without knowing some of the underlying details. Do you understand why?
I was referring to the worksheets with your W4 that supposedly help you determine what you should have withheld for your taxes. Every time I’ve used them, I end up with a ridiculous number of allowances when in reality, I should only be claiming 0 or 1, plus having extra withheld. I have yet to understand why the tax system has to be so complicated.
Yeah, I know, it doesn’t have to be complicated - it just is because reasons…
About ten bucks a week. About what I lost to an Illinois tax hike.
But see, I’m weird. I don’t mind paying taxes.