FICA tax reduced on me!

flopstock · Post by **flopstock** » Thu Dec 30, 2010 2:36 pm

Employees see their FICA taxes reduced from 6.2% to 4.2% on the first 106,800 we make.

I explained to someone here today that we aren't being given anything. We are simply having less taken away. I think it's a shame when we have to start being grateful about being able to keep what we worked for.

Ahso! · Post by **Ahso!** » Thu Dec 30, 2010 2:46 pm

This is how Obama had to continue the stimulus. It's truly a shame that we have to take the money away from people who need it rather than lowering our taxes through reducing corporate welfare and the insane amount of money we spend on our military.

The Federal Insurance Contributions Act (FICA) tax (pronounced /ˈfaɪkə/) is a United States payroll (or employment) tax[1] imposed by the federal government on both employees and employers to fund Social Security and Medicare[2] —federal programs that provide benefits for retirees, the disabled, and children of deceased workers. Social Security benefits include old-age, survivors, and disability insurance (OASDI); Medicare provides hospital insurance benefits. The amount that one pays in payroll taxes throughout one's working career is indirectly tied to the social security benefits annuity that one receives as a retiree.[citation needed] This has led some to claim that the payroll tax is not a tax because its collection is tied to a benefit.[3] The United States Supreme Court decided in Flemming v. Nestor (1960) that no one has an accrued property right to benefits from Social Security.

Federal Insurance Contributions Act tax - Wikipedia, the free encyclopedia

Accountable · Post by **Accountable** » Thu Dec 30, 2010 4:22 pm

flopstock;1348906 wrote: Employees see their FICA taxes reduced from 6.2% to 4.2% on the first 106,800 we make.

I explained to someone here today that we aren't being given anything. We are simply having less taken away. I think it's a shame when we have to start being grateful about being able to keep what we worked for.That's why I don't understand why people are happy to get a refund. To me that only means that they miscalculated and gave the federal gov't an interest-free loan.

Ahso! · Post by **Ahso!** » Thu Dec 30, 2010 4:34 pm

Accountable;1348941 wrote: That's why I don't understand why people are happy to get a refund. To me that only means that they miscalculated and gave the federal gov't an interest-free loan.It took me a while to have my kids understand that. At tax time their friends would be getting these huge refunds and they would only get a few bucks or even have to pay a little and complain, they now get it though.

chonsigirl · Post by **chonsigirl** » Thu Dec 30, 2010 4:47 pm

And no COLA's on government pensions this year, what a happy little letter my husband got in the mail today. (luckily only I read them)

flopstock · Post by **flopstock** » Thu Dec 30, 2010 7:05 pm

chonsigirl;1348947 wrote: And no COLA's on government pensions this year, what a happy little letter my husband got in the mail today. (luckily only I read them)

I can't remember ever getting a cost of living raise. We actually took pay cuts to keep folks from being laid off a couple of years ago.

Do colas go the other way ever?

CARLA · Post by **CARLA** » Thu Dec 30, 2010 7:48 pm

COLA'S are a thing of the past getting any kind of meaning full raise seem to be a thing of the past. The last two years have been awful whoo hoo got at 2% increase this year, of course the year before they cut our salaries by 5% so I'm sill down 3% when will it end.