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Started By
Message
re: Payroll tax EO details.
Posted on 8/8/20 at 6:59 pm to GumboPot
Posted on 8/8/20 at 6:59 pm to GumboPot
Serious question to those that understand how all of this works. How does this effect the funding for social security and Medicare? Are their other sources of funding going towards paying for that? You always hear how ss is going broke.
1
Posted on 8/8/20 at 7:05 pm to Canon951
I’d imagine it defunds SS and Medicare. If this deferment goes through and isn’t forgiven then it’s going to be an absolute mess to deal with.
Posted on 8/8/20 at 7:18 pm to ConcreteThreshold
quote:
He stated he would multiple times today... If he's reelected.
Yeah that struck me as a very interesting comment. Got a feeling that all hell’s gonna break loose if he’s re-elected. In a positive way of course.
Posted on 8/8/20 at 7:32 pm to GumboPot
I hope you’re right gumbo but that’s not how I read the EO. I’m no lawyer but the way I read it, it’s only applicable to those earning $4,000 gross or less per bi-weekly period, i.e. those making $104,000 annually
Posted on 8/8/20 at 7:44 pm to Gene Frenkle
quote:
I hope you’re right gumbo but that’s not how I read the EO. I’m no lawyer but the way I read it, it’s only applicable to those earning $4,000 gross or less per bi-weekly period, i.e. those making $104,000 annually
That would be bullshite.
Posted on 8/8/20 at 7:55 pm to Janky
I don't pay Social Security, I pay Railroad Retirement. How does that work?
Posted on 8/8/20 at 8:00 pm to GumboPot
I work for Alaska DoL. the phone traffic dropped roughly 75% this week without the extra $600 in play.
Posted on 8/8/20 at 8:00 pm to GumboPot
I make well under 50k a year. How does this help my pay check. Give me the dummy version.
Posted on 8/8/20 at 8:04 pm to tigersownall
You see that section on your pay check that says oasdi and Medicare. You should stop paying that bi weekly until the end of the year
Posted on 8/8/20 at 8:11 pm to tigersownall
You’ll see a seven percent, iirc, pay increase on every paycheck.
Posted on 8/8/20 at 8:20 pm to GumboPot
I read the thread and I get this part:
But what does this mean? After the point in time I gross $137,700 then I’ll stop paying the tax after that?
Are those that make between $100-138k just screwed then?
quote:
So it appears that the first $4000 you make in a two week period that would be subject to payroll tax from September 1st to December 31st will be deferred.
But what does this mean? After the point in time I gross $137,700 then I’ll stop paying the tax after that?
quote:
If you already exceeded $137,700 this year then you will continue to pay no payroll taxes.
Are those that make between $100-138k just screwed then?
This post was edited on 8/8/20 at 8:21 pm
Posted on 8/8/20 at 8:40 pm to tigersownall
quote:
I make well under 50k a year. How does this help my pay check. Give me the dummy version.
If you make $50k you should see an increase between $115 -$147 on your paycheck toward the end of September if you get paid every two weeks.
Posted on 8/8/20 at 8:42 pm to GumboPot
quote:
If you make $50k you should see an increase between $115 -$147 on your paycheck toward the end of September if you get paid every two weeks.
Which he has to pay back next year correct? Since it’s a deferment?
Posted on 8/8/20 at 8:45 pm to DavidTheGnome
quote:
Which he has to pay back next year correct? Since it’s a deferment?
Posted on 8/8/20 at 8:53 pm to DavidTheGnome
quote:
Which he has to pay back next year correct? Since it’s a deferment?
No Trump said he would get the deferment removed and forgiven. Congress members who make people pay that back will commit political suicide
This post was edited on 8/8/20 at 8:54 pm
Posted on 8/8/20 at 8:58 pm to Mrtommorrow1987
quote:
Congress members who make people pay that back will commit political suicide
Pelosi and Schumer would do it and suffer 0 consequences
Posted on 8/8/20 at 9:00 pm to LSU316
I’m actually interested in his statement today on permanently ending the payroll tax. I can get behind this. I’d rather put the extra 400ish dollars a month in my 401k than give the government a tax free loan to give me some of it back later.
Posted on 8/8/20 at 9:01 pm to Mrtommorrow1987
quote:
No Trump said he would get the deferment removed and forgiven. Congress members who make people pay that back will commit political suicide
Ok well that’s a pinky promise. As it stands right now though they have to pay it back correct?
Posted on 8/8/20 at 9:11 pm to DavidTheGnome
Yep. And if he permanently cuts the payroll tax then social security and Medicare are defunded. There’s a whole other debate about if social security will actually last but it’s officially done if those cuts are permanent.
Posted on 8/8/20 at 9:12 pm to Smoke7024
Insane
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