February Payroll Run..the results are in for my crew.

Gilligan

#*! boat!
PREMO Member
Welp...ran our first payroll that is affected by the new tax rates.

Every paycheck net takehome increased, from 3.2% to 3.9%.

Yeah..people will definitely notice those crumbs. Be interesting to see how it all washes when the 1040s come together next year though.
 
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Welp...ran our first payroll that is affected by the new tax rates.

Every paycheck net takehome increased, from 3.2% to 3.9%.

Yeah..people will definitely notice those crumbs. Be interesting to see how it all washes when the 1040s come together next year though.

SOOOoooooo..... we're meeting at the bar Friday and drinks are on you guys 'cause us retired folks on fixed incomes won't see any difference in our income for months yet. Sound like a plan? :biggrin:
 

Gilligan

#*! boat!
PREMO Member
SOOOoooooo..... we're meeting at the bar Friday and drinks are on you guys 'cause us retired folks on fixed incomes won't see any difference in our income for months yet. Sound like a plan? :biggrin:

Well..it does closely resemble a "plan", yes. However....plans often take quite some time to be approved and even more to be executed.
 

vraiblonde

Board Mommy
PREMO Member
Patron
Well..it does closely resemble a "plan", yes. However....plans often take quite some time to be approved and even more to be executed.

:lol:

I don't do payroll until the 1st but I did get the new tax update. We're looking at a little over $200 per month increased take home. :yay:
 

SamSpade

Well-Known Member
I was a little - and pleasantly - surprised. It was enough that I won't be wondering how we'll make the bills.
 

Starman

New Member
I’m hoping to be able to afford a good single malt rather than having to drink that rotgut Curry Sark or Dewar’s.
 

stgislander

Well-Known Member
PREMO Member
Welp...ran our first payroll that is affected by the new tax rates.

Every paycheck net takehome increased, from 3.2% to 3.9%.

Yeah..people will definitely notice those crumbs. Be interesting to see how it all washes when the 1040s come together next year though.

:yahoo: Woo hoo... got some repairs to make on the truck?
 

awpitt

Main Streeter
I just hope the increased take home pay doesn't result in having to owe money when it comes to filing tax returns a year from now.
 

Gilligan

#*! boat!
PREMO Member
I just hope the increased take home pay doesn't result in having to owe money when it comes to filing tax returns a year from now.

It "shouldn't", since nothing changed except the withholding rate. Nobody changed their number of dependents. But with the other changes that affect deductions you can take year end, it's really hard to say without running one of the calculators that are on line..or waiting until filing time next year. I'm stuck with doing the latter..since my returns are so complicated and business pass-through impossible to estimate in advance.
 

officeguy

Well-Known Member
I just hope the increased take home pay doesn't result in having to owe money when it comes to filing tax returns a year from now.

Your withholding is going down because the IRS who issued the tables anticipates your tax load to go down. If you want to be on the safe side, you can give your employer a W4 with a couple of bucks in the 'additional withholding' box. That way you are not likely to come in low next year. The downside is that you are loaning money to the government.
 
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