Any change to your 2013 paycheck?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
User avatar
Topic Author
BHCadet
Posts: 391
Joined: Sat Jan 14, 2012 11:47 pm
Location: SoCal

Any change to your 2013 paycheck?

Post by BHCadet »

I received my first paycheck of 2013 today (1/3).
But, I didn't see any major change.
Maybe the payroll department and IT didn't have enough time to make all the programming changes after the New Year.
User avatar
Rainier
Posts: 1733
Joined: Thu Jun 14, 2012 5:59 am

Re: Any change to your 2013 paycheck?

Post by Rainier »

Yep, my FICA went up 2%. Looks like my boss used 2012 wh tables, which is allowed.

When he uses 2013 tables, I expect a small increase since the brackets expand for inflation.
User avatar
Topic Author
BHCadet
Posts: 391
Joined: Sat Jan 14, 2012 11:47 pm
Location: SoCal

Re: Any change to your 2013 paycheck?

Post by BHCadet »

Actually, comparing to my 1st paycheck from 2012, my holdings went up a lot:
Fed withholding increased by 10.56%
Fed Medicare increased by 1.58%
FICA increased by 49.95% <== hope this will go back down on the next paycheck.
CA withholding increased by 15.58%
Ace1
Posts: 288
Joined: Sun Dec 26, 2010 6:29 pm
Location: Twinsburg Ohio

Re: Any change to your 2013 paycheck?

Post by Ace1 »

On 12/31 the IRS released the withholding tables based on the premise Congress would not act in "time",
and the tables reflect the end of the Bush tax cuts.
Since the president signed the Congress new bill on 1/2, the IRS released the "new" withholding tables that reflect the new law on 1/3/13.
It is likely your employer changed the tax tables reflecting the 12/31 notice (IRS notice 1036).
The employer should revise their tax tables reflecting the 1/3/13 new tables for your next check.
Unfortunately the nearly 50% increase in FICA is accurate. The rate is now 6.2% compared to 4.2% it has been for the past 2 years, which was known as the payroll tax holiday. The change is 2% of your pay but the amount appears to be a 50% increase since 2% is virtually 50% of the previous 4.2% rate.
rcsracing
Posts: 63
Joined: Mon Apr 09, 2012 10:16 am
Location: Slovakia (expat)

Re: Any change to your 2013 paycheck?

Post by rcsracing »

I can't find the reference, but I believe payroll departments were given a reprieve from rushing to implement. EIther by 1/31 or 2/28 I believe, which means for those of you not seeing changes yet, you will see them retroactive in the future.
User avatar
Tim_in_GA
Posts: 509
Joined: Wed Jun 08, 2011 9:42 am

Re: Any change to your 2013 paycheck?

Post by Tim_in_GA »

Yep, FICA up 2% on my 1/1/13 paycheck. My take-home pay is now back to what it was 3 years ago at this time. But I did bump up my 401k contributions since then. If I'm lucky I'll get a 2% raise from Megacorp in April and that will help offset.
User avatar
bUU
Posts: 608
Joined: Sun Nov 25, 2012 10:41 am

Re: Any change to your 2013 paycheck?

Post by bUU »

A "raise"? What's that?


:|
user5027
Posts: 971
Joined: Sat Jun 16, 2012 8:54 pm

Re: Any change to your 2013 paycheck?

Post by user5027 »

bicker wrote:A "raise"? What's that?
That's when the boss puts blocks of wood under your desk legs.

:D
tim1999
Posts: 4205
Joined: Tue Dec 16, 2008 6:16 am

Re: Any change to your 2013 paycheck?

Post by tim1999 »

:x 2% less here.
wm631
Posts: 193
Joined: Sat Jul 14, 2012 5:37 pm

Re: Any change to your 2013 paycheck?

Post by wm631 »

It's coming, guys, give it a couple of weeks. And it ain't going away. This will be the big so-far undiscussed point of 2013, essentially what does it do to discretionary income (everything from purchasing lottery tickets or buying a Dunkin' Donuts coffee every morning to funding your IRAs) when you tell everyone from approximately 100,000 a year on down they're missing a sizeable piece of their paycheck every payday.
User avatar
Tim_in_GA
Posts: 509
Joined: Wed Jun 08, 2011 9:42 am

Re: Any change to your 2013 paycheck?

Post by Tim_in_GA »

wm631 wrote:It's coming, guys, give it a couple of weeks. And it ain't going away. This will be the big so-far undiscussed point of 2013, essentially what does it do to discretionary income (everything from purchasing lottery tickets or buying a Dunkin' Donuts coffee every morning to funding your IRAs) when you tell everyone from approximately 100,000 a year on down they're missing a sizeable piece of their paycheck every payday.
I agree - it's about $145 less a month for me. Not a huge amount but it will make me think twice about every purchase that isn't essential and those occasional dinners at a nice restaurant. Plus, my wife & I started running last year and we will probably reconsider signing up for all those 5K and 10K races at $25-$30 each.
User avatar
bUU
Posts: 608
Joined: Sun Nov 25, 2012 10:41 am

Re: Any change to your 2013 paycheck?

Post by bUU »

wm631 wrote:so-far undiscussed
Hmmm... perhaps you don't follow the same news outlets as I do. I've been reading and hearing discussions about various possibilities, including some (going over the fiscal cliff) far worse than the reality, for weeks. So far, the best minds I've seen discuss something close to this scenario project moderate dampening of the expected growth for the year.
sscritic
Posts: 21853
Joined: Thu Sep 06, 2007 8:36 am

Re: Any change to your 2013 paycheck?

Post by sscritic »

Ace1 wrote: Unfortunately the nearly 50% increase in FICA is accurate.
If I weren't retired, my FICA increase would be more than that. Say I make $120k a year, or $10k a month and get paid twice a month or $5k each paycheck. My last paycheck would have had 0% withheld for social security and 1.45% for medicare. My first check of 2013 would have 6.2 + 1.45 = 7.65% withheld. The increase from 1.45% to 7.65% is a 428% increase, not a 50% increase. Think big!
crowd79
Posts: 640
Joined: Sun Nov 18, 2012 9:37 pm

Re: Any change to your 2013 paycheck?

Post by crowd79 »

My paycheck went up, technically, because I reduced my 401k contributions to 4% of income (enough for company match only) from 17% last year. Instead, I am maxing out my IRA, which comprises of lower expense ratio funds and index funds vs. my more expensive work 401k.

Still, subtracting that information, my paycheck otherwise has decreased about $15 per week, or about $65/month. I got a 3.5% raise in December to offset most of the FICA hit, but am still thinking of negotiating with my cable company for a lower bill or cancelling it all-together and just going with Netflix thru the summer months until football season comes again.
sscritic
Posts: 21853
Joined: Thu Sep 06, 2007 8:36 am

Re: Any change to your 2013 paycheck?

Post by sscritic »

crowd79 wrote: Still, subtracting that information, my paycheck otherwise has decreased about $15 per week, or about $65/month. I got a 3.5% raise in December to offset most of the FICA hit, but am still thinking of negotiating with my cable company for a lower bill or cancelling it all-together and just going with Netflix thru the summer months until football season comes again.
How do you get your company to pay the cable and Netflix out of your paycheck? Mine used to pay my life insurance, but never my cable.
crowd79
Posts: 640
Joined: Sun Nov 18, 2012 9:37 pm

Re: Any change to your 2013 paycheck?

Post by crowd79 »

sscritic wrote:
crowd79 wrote: Still, subtracting that information, my paycheck otherwise has decreased about $15 per week, or about $65/month. I got a 3.5% raise in December to offset most of the FICA hit, but am still thinking of negotiating with my cable company for a lower bill or cancelling it all-together and just going with Netflix thru the summer months until football season comes again.
How do you get your company to pay the cable and Netflix out of your paycheck? Mine used to pay my life insurance, but never my cable.
Ha, I wish! I suppose I didn't word it correctly, thus confusing you. I am merely thinking of cutting cable, to offset the $15 lost per week from my paycheck, is all.
wm631
Posts: 193
Joined: Sat Jul 14, 2012 5:37 pm

Re: Any change to your 2013 paycheck?

Post by wm631 »

"bicker": hopefully, you were being sardonic. Otherwise, those "best minds" will take you blindly over the financial cliff we're already on. The fact remains most of us non-pundits and congresspeople who actually have to work for a living or survive on a fixed income are now making less money starting January 1. Certain things: your mortgage, property taxes, utlities, transportation, credit and school loans HAVE to be paid for. And not everybody has the access or ability to work more overtime for extra funds. That means something(s) else has to give. (And apparently, according to the "best minds", congressional votes by late spring are going to cost us more out of the paycheck).
livesoft
Posts: 86075
Joined: Thu Mar 01, 2007 7:00 pm

Re: Any change to your 2013 paycheck?

Post by livesoft »

Started contributing again to my 401(k) at the 75% rate and to FICA, plus higher HSA contribution plus higher health insurance premiums, so my paycheck is quite a bit different and now in the low 3-figures. I suppose I could have adjust federal income taxes to get the check to zero and avoided the bookkeeping nuisance. Hmmm, maybe I'll do that for next time.
Last edited by livesoft on Fri Jan 04, 2013 7:28 am, edited 1 time in total.
Wiki This signature message sponsored by sscritic: Learn to fish.
sscritic
Posts: 21853
Joined: Thu Sep 06, 2007 8:36 am

Re: Any change to your 2013 paycheck?

Post by sscritic »

wm631 wrote: The fact remains most of us non-pundits and congresspeople who actually have to work for a living or survive on a fixed income are now making less money starting January 1.
How much is your FICA going up on your Total Bond Market dividend this January 31? I know it hasn't happened yet, but I think you should be able to figure it out. I don't think FICA is going up on my Social Security check.
wander
Posts: 4424
Joined: Sat Oct 04, 2008 9:10 am

Re: Any change to your 2013 paycheck?

Post by wander »

Rainier wrote:Yep, my FICA went up 2%. Looks like my boss used 2012 wh tables, which is allowed.

When he uses 2013 tables, I expect a small increase since the brackets expand for inflation.
+1.
wm631
Posts: 193
Joined: Sat Jul 14, 2012 5:37 pm

Re: Any change to your 2013 paycheck?

Post by wm631 »

sscritic: did your state or local taxes go up? property taxes and/or escrow? electric bill? water? sewer? cable (oh boy, does cable-internet-rising keep rising ...) maintenance costs (to anything!). Then you have less discretionary money. Again, back to the question: where are bogleheads intending on cutting back in 2013 (if they are!)
Colorado14
Posts: 1792
Joined: Thu Apr 07, 2011 4:58 pm
Location: Colorado

Re: Any change to your 2013 paycheck?

Post by Colorado14 »

wm631 wrote: Again, back to the question: where are bogleheads intending on cutting back in 2013 (if they are!)
Changes to my paycheck will be primarily due to trying to fully fund retirement accounts with new, higher contribution limits for 2013 and due to increased contributions to flex plan to fund health care costs. So:

1. I cancelled cable because Comcast proposed a $30/month increase. I had to settle for a $10/month increase to maintain internet.
2. Exploring options for a cheaper cell plan.
MnD
Posts: 5194
Joined: Mon Jan 14, 2008 11:41 am

Re: Any change to your 2013 paycheck?

Post by MnD »

Take-home pay is down 13.4% on no change in gross

SS +6.2 percentage points
401K up 18.3% (new higher IRS limit and began "catch-up" eligibility)
Charitable donations through work up 7%
Fed tax withholding down 3% per 401-K increase
State tax withholding down 2% per 401-K increase
Last edited by MnD on Fri Jan 04, 2013 8:39 am, edited 1 time in total.
70/30 AA for life, Global market cap equity. Rebalance if fixed income <25% or >35%. Weighted ER< .10%. 5% of annual portfolio balance SWR, Proportional (to AA) withdrawals.
User avatar
NAVigator
Posts: 2545
Joined: Tue Feb 27, 2007 6:24 am
Location: Iowa

Re: Any change to your 2013 paycheck?

Post by NAVigator »

bicker wrote:A "raise"? What's that?
What's a paycheck?

Jerry
"I was born with nothing and I have most of it left."
User avatar
bUU
Posts: 608
Joined: Sun Nov 25, 2012 10:41 am

Re: Any change to your 2013 paycheck?

Post by bUU »

wm631 wrote:"bicker": hopefully, you were being sardonic.
I wasn't attesting to the validity of what they were saying - just that they were saying it. I'm sure reasonable people disagree about what's coming up in 2013.
MnD
Posts: 5194
Joined: Mon Jan 14, 2008 11:41 am

Re: Any change to your 2013 paycheck?

Post by MnD »

wm631 wrote:sscritic: did your state or local taxes go up? property taxes and/or escrow? electric bill? water? sewer? cable (oh boy, does cable-internet-rising keep rising ...) maintenance costs (to anything!). Then you have less discretionary money. Again, back to the question: where are bogleheads intending on cutting back in 2013 (if they are!)
Education:
Two in public college will be significantly cheaper than one in public college and one in private HS believe it or not.
70/30 AA for life, Global market cap equity. Rebalance if fixed income <25% or >35%. Weighted ER< .10%. 5% of annual portfolio balance SWR, Proportional (to AA) withdrawals.
sscritic
Posts: 21853
Joined: Thu Sep 06, 2007 8:36 am

Re: Any change to your 2013 paycheck?

Post by sscritic »

wm631 wrote:sscritic: did your state or local taxes go up? property taxes and/or escrow? electric bill? water? sewer? cable (oh boy, does cable-internet-rising keep rising ...) maintenance costs (to anything!). Then you have less discretionary money. Again, back to the question: where are bogleheads intending on cutting back in 2013 (if they are!)
You wrote making; here are your words:
The fact remains most of us non-pundits and congresspeople who actually have to work for a living or survive on a fixed income are now making less money starting January 1.
Are you making less in state and local taxes? Making less property taxes? Making less on your utility bills? I dropped cable years ago, but maybe you are making less on your cable bill.

Income and expense are different words. I don't confuse them, at least I try not to. This thread is about your paycheck. I was trying to stay on topic, but on bogleheads, staying on topic is never a prerequisite to posting.
wm631
Posts: 193
Joined: Sat Jul 14, 2012 5:37 pm

Re: Any change to your 2013 paycheck?

Post by wm631 »

"bicker": again, most of them are wealthy and/or have pretty nice benefit packages, so the effect isn't quite the same (note to myself, to my 86-year old mother: don't spend all your 23 dollar a month S.S. increase all at once. We need some of it for the increase in your co-pay medical insurance ...) That colors their judgment. "colorado": I agree about the cable. I think as push comes to shove we end up looking at that first, however reluctanly. I know arm-wrestle with Comcast every spring over it. If it gets to be too much to handle, though, guess what? It'll get cut back, severely; if necessary. Overall, that could have an eventual interesting impact on telecommunications, if everybody has to start facing the same conclusion. "Mnd": Interesting, and correct, but my nephew made the perceptive observation that most people aren't "bogleheads". Meaning they live (and will continue to) paycheck to paycheck. 401K are only three numbers and an alphabet letter to them.
wm631
Posts: 193
Joined: Sat Jul 14, 2012 5:37 pm

Re: Any change to your 2013 paycheck?

Post by wm631 »

sscritic: they're inter-connected, whether you say it's this part of your balance sheet or that. What do you intend on cutting on back on in 2013, if you are? If not, why not? (i.e., pay increase, expected dividends (watch Congress on that ...), increase due loan pay-offs, etc.)
sscritic
Posts: 21853
Joined: Thu Sep 06, 2007 8:36 am

Re: Any change to your 2013 paycheck?

Post by sscritic »

wm631 wrote:sscritic: they're inter-connected, whether you say it's this part of your balance sheet or that. What do you intend on cutting on back on in 2013, if you are? If not, why not? (i.e., pay increase, expected dividends (watch Congress on that ...), increase due loan pay-offs, etc.)
OK, let's start a new thread. What changes have there been in your expenses in 2013 (i.e., since 12/31/2012)? What has gone up or down in the last four days? The only change I have seen is lower gas prices.

P.S. My property taxes went up last July, so that's not a new 2013 expense.
Wolkenspiel
Posts: 558
Joined: Wed Sep 30, 2009 7:45 am

Re: Any change to your 2013 paycheck?

Post by Wolkenspiel »

wm631 wrote:sscritic: they're inter-connected, whether you say it's this part of your balance sheet or that. What do you intend on cutting on back on in 2013, if you are? If not, why not? (i.e., pay increase, expected dividends (watch Congress on that ...), increase due loan pay-offs, etc.)
We refinanced our mortgage a few months ago, with savings that roughly match the FICA return to normal (which is what this is, I don't think there could be any reasonable expectation that this tax vacation was permanent).
crowd79
Posts: 640
Joined: Sun Nov 18, 2012 9:37 pm

Re: Any change to your 2013 paycheck?

Post by crowd79 »

sscritic wrote:
wm631 wrote:sscritic: they're inter-connected, whether you say it's this part of your balance sheet or that. What do you intend on cutting on back on in 2013, if you are? If not, why not? (i.e., pay increase, expected dividends (watch Congress on that ...), increase due loan pay-offs, etc.)
OK, let's start a new thread. What changes have there been in your expenses in 2013 (i.e., since 12/31/2012)? What has gone up or down in the last four days? The only change I have seen is lower gas prices.

P.S. My property taxes went up last July, so that's not a new 2013 expense.
I signed up for a 6 month membership promotion at my local gym (YMCA), offering 6 months and "July" free. This will save me $39 on my usual gym membership for the year.

I also applied for and got accepted for AmEx Preferred Blue Cash Card. I look forward to saving 6% (cashback) on my grocery bills for the year.
User avatar
Tim_in_GA
Posts: 509
Joined: Wed Jun 08, 2011 9:42 am

Re: Any change to your 2013 paycheck?

Post by Tim_in_GA »

sscritic wrote:The only change I have seen is lower gas prices.
But going up quick. We were at $2.99 at the end of the year and today it's $3.22.
User avatar
Peter Foley
Posts: 5533
Joined: Fri Nov 23, 2007 9:34 am
Location: Lake Wobegon

Re: Any change to your 2013 paycheck?

Post by Peter Foley »

My pension, partially indexed to inflation, went up $5/month. I don't think I'll notice. My property taxes are going down by about 5% - after having doubled over the past 10 years.
wm631
Posts: 193
Joined: Sat Jul 14, 2012 5:37 pm

Re: Any change to your 2013 paycheck?

Post by wm631 »

Mortgage refinancing: me,too. Dropped from 5.38% to 3.25% in December due to some common sense (finally), saving a couple hundred a month, Ironically, that may just keep me even after a few more months of congressional reckoning.

And, a warning on refinancing, the paperwork is still horrendous (I've refinanced in the 1980's and 1990's, also sold a house in 2003, purchased this one in 2005). And, the lender cross-checking seems much more intensive than 2005 (everything for me with this years' could have been cut-and-pasted). Finally, always try to handle the future escrows yourself (meaning handle your own taxes and insurance). If you're disciplined (and all bogleheads are ...) it will save you time and efficincy, which in the end is money.

But, you will save money with it in 2013; even with the slightly rising current mortgage rates. And that will mean a larger (over-all) paycheck, meaning somewhat more discretionary income.
sdrone
Posts: 108
Joined: Wed Jun 10, 2009 11:17 pm

Re: Any change to your 2013 paycheck?

Post by sdrone »

The other variable there is what dates your paycheck covers.

For instance, my employer pays "late." "Pay period" would be, for instance, 12/1 to 12/14. "Pay date" would be 12/21.

Some companies pay at the end of your pay period, others pay later. A paycheck on 1/3 could easily be for a pay period in 2012.
sscritic
Posts: 21853
Joined: Thu Sep 06, 2007 8:36 am

Re: Any change to your 2013 paycheck?

Post by sscritic »

One of my pensions went up $20.60 gross, but the federal withholding went up $2.06 for a net increase of $18.54.

Quiz time: what bracket do they think I am in? (I am not, but that's a separate question)
wm631
Posts: 193
Joined: Sat Jul 14, 2012 5:37 pm

Re: Any change to your 2013 paycheck?

Post by wm631 »

aye, caramba - hopefully not one of the upper 2% we have to keep our eyes on. I won't have a figure on my elderly mother's 2013 pensions until the end of this month, but if she thinks she's gonna blow that $23 @month social security increase windfall ...
User avatar
Rainier
Posts: 1733
Joined: Thu Jun 14, 2012 5:59 am

Re: Any change to your 2013 paycheck?

Post by Rainier »

My wife's pay day was Wednesday 1/2/13 but direct deposit hits on Tuesday and due to New Years she got paid on Monday 12/31/12....at 2013 FICA rates. Is that legal? It was constructively received in 2012, but it is going in her 2013 w-2. Not sure I care.
User avatar
dziuniek
Posts: 1402
Joined: Mon Jul 23, 2012 2:54 pm

Re: Any change to your 2013 paycheck?

Post by dziuniek »

bicker wrote:A "raise"? What's that?


:|
Keeping your job is the new raise... :/

My check did get smaller (2%?-due to SS % reverting to 2010 levels?) and I increased my 401k contribution from 12.5% to 15.5% total. On the right track now.
Get rich or die tryin'
FinancialDave
Posts: 1819
Joined: Thu May 26, 2011 9:36 pm

Re: Any change to your 2013 paycheck?

Post by FinancialDave »

Nope,
My pension check not affected.

:happy

fd
I love simulated data. It turns the impossible into the possible!
User avatar
bUU
Posts: 608
Joined: Sun Nov 25, 2012 10:41 am

Re: Any change to your 2013 paycheck?

Post by bUU »

dziuniek wrote:Keeping your job is the new raise... :/
We have a VP who has been quoted off-the-record saying just that.
Last edited by bUU on Fri Jan 04, 2013 11:00 am, edited 1 time in total.
sscritic
Posts: 21853
Joined: Thu Sep 06, 2007 8:36 am

Re: Any change to your 2013 paycheck?

Post by sscritic »

bicker wrote:
dziuniek wrote:Keeping your job is the new raise... :/
We gave a VP who has been quoted off-the-record saying just that.
What did you give him, a raise? :)
Tom_T
Posts: 4836
Joined: Wed Aug 29, 2007 2:33 pm

Re: Any change to your 2013 paycheck?

Post by Tom_T »

My paycheck is going to have a number of changes.

- FICA obviously going up.
- Pre-tax medical will go down. My company didn't switch providers, but they now offer just one plan, because the provider (Cigna) wanted a 50% increase this year to cover two tiers of plans. Lower premium, but fewer benefits.
- I just learned that the pre-tax commuting benefit is going back up, from $120 to $240. This was part of the "fiscal cliff" agreement. Less money in my check, but I save it elsewhere.
- I tweaked my FSA contribution a bit.
porcupine
Posts: 1267
Joined: Thu Nov 04, 2010 11:05 am

Re: Any change to your 2013 paycheck?

Post by porcupine »

sdrone wrote:The other variable there is what dates your paycheck covers.

For instance, my employer pays "late." "Pay period" would be, for instance, 12/1 to 12/14. "Pay date" would be 12/21.

Some companies pay at the end of your pay period, others pay later. A paycheck on 1/3 could easily be for a pay period in 2012.
If I understand correctly, a W-2 lists all wages paid during that calendar year. So, the paycheck dated 1/3/2013 will be taxed at 2013 rates, not 2012.

- Porcupine
porcupine
Posts: 1267
Joined: Thu Nov 04, 2010 11:05 am

Re: Any change to your 2013 paycheck?

Post by porcupine »

sscritic wrote:
bicker wrote:
dziuniek wrote:Keeping your job is the new raise... :/
We gave a VP who has been quoted off-the-record saying just that.
What did you give him, a raise? :)
He must've gotten the high chair!

- Porcupine
Bungo
Posts: 1138
Joined: Wed Sep 28, 2011 11:28 am

Re: Any change to your 2013 paycheck?

Post by Bungo »

I'm comparing with a paycheck from earlier last year, before I hit the Social Security cap. Gross pay is exactly the same, but taxes changed as follows:

* Social Security: increased by 2 percentage points, as expected
* federal income tax: increased by 7.2% (amount of tax, not tax rate)
* Medicare: increased by 1.3%
* CA state income tax: increased by 6.4%

I attribute these increases (other than Social Security) primarily to the difference in FSA withholding: I put aside $4500 last year, whereas this year the limit is $2500. I also set my 401(k) withholding rate slightly lower this year so it won't max out until closer to the end of the year.

Also, not a tax, but I see that (my share of) my medical insurance premiums went up by 10%. Still very heavily subsidized by my employer, so I'm not complaining. Dental and vision are unchanged.
gkaplan
Posts: 7034
Joined: Sat Mar 03, 2007 7:34 pm
Location: Portland, Oregon

Re: Any change to your 2013 paycheck?

Post by gkaplan »

I expect my net pay to decrease because I am now having 6.2% FICA tax withheld, instead of 4.2%; because I increased my biweekly TSP contribution by $20 due to the raising of the TSP contribution limit to $17,500; and because I increased my FSA allotment by one-third.

I can't say for sure, however, until the payday after next for reasons that are too complicated to explain, complications that have resulted in $55 more being withheld for Oregon taxes than should be withheld.
Gordon
User avatar
SSSS
Posts: 1914
Joined: Fri Jun 18, 2010 11:50 am

Re: Any change to your 2013 paycheck?

Post by SSSS »

I forgot to turn off my after-tax 401k contributions even though my deductible 401k contributions kicked back in.

I also forgot to update my W4 (I was doing 0 allowances + $50 in November/December to avoid under-withholding penalty).

So basically my paycheck was $0... :oops:
User avatar
White Coat Investor
Posts: 17409
Joined: Fri Mar 02, 2007 8:11 pm
Location: Greatest Snow On Earth

Re: Any change to your 2013 paycheck?

Post by White Coat Investor »

I don't get my first 2013 paycheck for 5-6 more weeks. Must be nice to get paid before you do anything :)

I'm pleased that mine will hopefully be similar to 2012 since the doc fix was passed. My quarterly tax payments, however, will be higher.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course
Post Reply