Is it too early to know? If someone makes just over the threshold, I'm thinking it could be very frustrating.
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Great question. Because the benefit is a % of income, I’d be surprised if they included a phase out here.
If you’re really that close, I’d ask for a decrease in pay.
Why would you ask for a pay reduction to get a 5 month loan?Great question. Because the benefit is a % of income, I’d be surprised if they included a phase out here.
If you’re really that close, I’d ask for a decrease in pay.
1. Changing withholding does not change income.
2. Ignoring the fact that this executive order is likely unconstitutional, it has to be paid back. Trump claims he will make it permanent if he is re-elected, he cannot do it unilaterally.
Oh no, he definitely said permanent.I don’t think he said make it permanent?I thought I heard him say more tax breaks were coming if re-elected.
I don’t think he said make it permanent?I thought I heard him say more tax breaks were coming if re-elected.
he said he would make the payroll tax permanent if re-elected. Not a smart thing to say, since the revenue from that tax funds social security and Medicare. He just told old people that he is going to defund those programs.
I wounder if the rule is before or after 401K deductions.
If after you can always increase to the max level. ( about 18K)
It seems like the order still lacks some details.
I would suspect a different kind of agreement will be made before this could actually be rolled out.
I don't believe this is an overnight change at most companies.
If you can raise an lower the 401K to get around it you may be able to raise it this year and than lower in Jan if you actually get hit with a tax bill.
We'll see what the actual instruction are sent to employers. I suspect something will happen in Congress in the next 3 weeks.
Right now, it sounds like call someone's bluff in poker.
It will be interesting.
Tax Deferrals
Trump said his action authorizes the U.S. Treasury to allow companies to defer -- not suspend -- payroll taxes for Americans making less than $100,000 a year from Sept. 1 through Dec. 31. He said if he’s re-elected in November, he may extend the deferral and terminate the tax for some workers.
You don’t really believe that, but nice try.
To invest it. And it may be permanent.Why would you ask for a pay reduction to get a 5 month loan?
It’s based off of your tax returns. You can’t change things now.Maybe if someone were to adds dependents it would work.
What is inaccurate about what I wrote? Good lord man. Educate yourself.
Not necessarily accurate. Depends on the details. It’s a biweekly or monthly benefit which likely means it’ll be attached to the biweekly or monthly income.It’s based off of your tax returns. You can’t change things now.
Adding dependents does not affect incomeMaybe if someone were to adds dependents it would work.
You’re using an angle. You’re fully aware the funding for SS and Medicare will continue. You sound like Sean Hannity.
Nice try.
People who already pay too much income tax will have to pay more, and by and large these people are not the same folks who receive these gifts.where do you think all this magical money to fund these programs is going to come from? Given that we are currently running almost a trillion dollar a month deficit under the current administration, I don’t think borrowing more is the answer.
where do you think all this magical money to fund these programs is going to come from? Given that we are currently running almost a trillion dollar a month deficit under the current administration, I don’t think borrowing more is the answer.
Probably the same place the magic money was coming from to fund obama care.where do you think all this magical money to fund these programs is going to come from? Given that we are currently running almost a trillion dollar a month deficit under the current administration, I don’t think borrowing more is the answer.
Probably the same place the magic money was coming from to fund obama care.
True...but will be much worse if the Dems get in after November vote
It is going to be interesting to see what Biden will do with the expanded executive action power that Trump now has.
Let’s not forget about defunding the copsNational emergency on gun violence, healthcare, and the environment incoming.
https://www.factcheck.org/2020/07/trumps-false-recurring-claim-about-bidens-stance-on-police/Let’s not forget about defunding the cops
Let’s not forget about defunding the cops
It is going to be interesting to see what Biden’s handlers will do with the expanded executive action power that Trump now has.
To know what Biden is going to do look no farther than AOC & her comradsexcept that Biden has repeatedly called for additional funding for police. much to the chagrin of the left.
from FOX NEWS:
Wallace: The White House never sent us evidence the Bernie-Biden platform calls for defunding or abolishing police — because there is none. It calls for increased funding for police departments–that meet certain standards. Biden has called for redirecting some police funding for related programs—like mental health counseling.
To know what Biden is going to do look no farther than AOC & her comrads
Adding dependents does not affect income
Oh, and I suppose I should look to David Duke to see what trump will do next term?
Jesus...
I don’t think he said make it permanent?I thought I heard him say more tax breaks were coming if re-elected.
You don’t think Biden is just a figurehead for Pelosi & the squad? Not trying to be funny but that man can’t hardly finish a paragraph at this juncture. I thought this was pretty common knowledge even to left wing people.Oh, and I suppose I should look to David Duke to see what trump will do next term?
Jesus...