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Old 02-08-2018, 07:54 AM
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Default Federal Tax Reduction

Looks like my FIT (Federal Income Tax) went down $40 per pay period. That's $140 a month. Did your FIT go down?

Anyone know who this will be handled next year? Will I have to pay taxes on the extra money I make?

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Old 02-08-2018, 08:04 AM
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I believe this is due to the new tax laws that have passed and are just taking effect. My paycheck was larger than normal as well for the same amount of hours worked. Unless you got a raise your really not making any more money, it's just Uncle Sam isn't taking as much of it away from you. How that is all going to apply to next years returns is anyones guess at this point. When I had my taxes done a couple weeks ago all the tax prep people weren't sure yet either.
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Old 02-08-2018, 08:07 AM
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As an SBO, self employed, I'm not sure how this will effect me yet...Almost too stupid at this point to even care....Cant be any worse than the past 8yrs at a 37% rate not including the Ocare medical insurance non compliance fines... I've been self medicating and running a NonProfit!...I do have money coming out the wazoo, its just that somebody else seems to be getting most of it!

I like my boss though, hes a raging alcoholic, comic, metal detectorist even! Makes me laugh...doesnt expect a whole hell of a lot...

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Old 02-08-2018, 08:22 AM
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I just looked at how the new tax law will affect me. They increased the standard deduction for married filing jointly from 12,700 to 24,000, but they eliminated personal exemptions (4,050 per), so with two exemptions I lose out there. But with the new tax brackets, I still come out ahead by $1800. I take the standard deduction since I have no mortgage and my state and local taxes plus charity are not enough to itemize.

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Old 02-08-2018, 09:22 AM
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I'm not complaining about getting back a few more of my hard earned money, but it does concern me how it will play out come tax time next year. I had my taxes worked out so I was getting $1,064 fro Federal and $4 from state. It took a long time to get it as close to breaking even as I could I'd sure hate to end up paying them again.

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Old 02-08-2018, 09:42 AM
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My retirement income- tax deduction went down too.

First $24,000 dollars for a couple is tax except.
This doesn't mean taxes won't ve deducted. Just when you file your taxes this is how it will work out. But pay period deductions will be reduced for most.

So expect less in actual income tax refund checks next year.

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  #7  
Old 02-09-2018, 04:28 AM
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I don't mind paying a bit at tax time, I'm also one who wants as little of a refund as possible, break-even point.

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  #8  
Old 02-23-2018, 04:28 PM
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Tax rates are completely changed so next years returns won't necessarily be impacted by how much extra you are getting this year. The dumbed down version way it was explained to me is the standard amount that we start off with to get back next year is going way up. However we will not be able to write off near as much stuff. I for one think I will be getting more back next year because I don't have enough write off anything. I just do the quick form. I used to pay enough in property tax and mortgage interest each year to write that off. My interest rate went from 6.25 to 2.7 so now I don't. My check went up 70 bucks per (140 a month) nothing to sneeze at.

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