pushingit
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Post by pushingit on Dec 29, 2010 16:32:30 GMT -5
Don't forget, starting Jan 1st, we're getting a "tax holiday" of 2% of our SS tax.
Submit your forms to increase your 401K contribution now and you'll never see it and never miss it!
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quotequeen
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Post by quotequeen on Dec 29, 2010 16:36:54 GMT -5
But I can't!  |
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pushingit
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Post by pushingit on Dec 29, 2010 16:53:15 GMT -5
I hope to be saying that in 2012, Quote. I'm 3% away from maxing out now.
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Wisconsin Beth
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Post by Wisconsin Beth on Dec 29, 2010 17:45:32 GMT -5
We're thinking about taking the 4% (2 from DH and 2 from me since we make almost the same) and using it for our IRAs instead of our 401k/457b. We're doing 20% there and next to nothing in our IRAs. Our "logic" if you want to call it that, is that we need to boost the IRAs more. We're talking $225K to $12K, more or less. I guess I'm getting uneasy about all our eggs in 1, well 2 baskets...
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thyme4change
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Post by thyme4change on Dec 29, 2010 17:47:24 GMT -5
We're thinking about taking the 4% (2 from DH and 2 from me since we make almost the same) 2% of income A plus 2% of income B doesn't equal 4%. It equals 2% of (A + B) |
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quotequeen
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Post by quotequeen on Dec 29, 2010 17:56:34 GMT -5
We're thinking about taking the 4% (2 from DH and 2 from me since we make almost the same) 2% of income A plus 2% of income B doesn't equal 4%. It equals 2% of (A + B) Why do I feel like we've already had this conversation today..... |
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thyme4change
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Post by thyme4change on Dec 29, 2010 18:00:04 GMT -5
Those percentages are tricky.
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jkapp
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Post by jkapp on Dec 29, 2010 18:01:13 GMT -5
Don't forget, starting Jan 1st, we're getting a "tax holiday" of 2% of our SS tax. Submit your forms to increase your 401K contribution now and you'll never see it and never miss it! Already done... ;D |
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TrixAre4Kids
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Post by TrixAre4Kids on Dec 29, 2010 18:31:31 GMT -5
401k maxed ;D
Been planning to put the 2% in either my Roth or Traditional IRA.
Any thoughts? Doesn't amount to much money tho, sadly.
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Post by boosmom on Dec 29, 2010 18:43:09 GMT -5
Don't forget, starting Jan 1st, we're getting a "tax holiday" of 2% of our SS tax. Submit your forms to increase your 401K contribution now and you'll never see it and never miss it! Thanks for the reminder! |
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wvugurl26
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Post by wvugurl26 on Dec 29, 2010 19:08:05 GMT -5
Chances of HR being able to handle that are nonexistent. Probably no doubt be offset and then some by the increases in health and dental insurance. I'll put it in an ira before I add to tsp.
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The J
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Post by The J on Dec 29, 2010 19:09:51 GMT -5
The 2% tax holiday is simply replacing the Making Work Pay tax credit, so for most people it won't really make a difference to their pay from what it is now.
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Deleted
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Post by Deleted on Dec 29, 2010 19:11:00 GMT -5
Yeah I'm going to wait until after the 1st of the year to see if it actually makes much of a difference...already bump up my 401k after each raise.
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Post by boosmom on Dec 29, 2010 19:14:59 GMT -5
that's kind of how we do it, except raises have been nonexistent for a while....
Well, I did it, but it won't take effect until the 2nd (or 3rd if I missed the cutoff) paycheck.
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wvugurl26
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Post by wvugurl26 on Dec 29, 2010 19:19:31 GMT -5
Well then nothing to worry about. I'll see if I get more take home pay or not next check.
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whoisjohngalt
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Post by whoisjohngalt on Dec 29, 2010 20:06:42 GMT -5
Am I the only anal-retentive around here who already calculated to the penny what the difference is going to be?  Lena |
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Post by suzwantstobefree on Dec 29, 2010 20:58:24 GMT -5
Am I the only anal-retentive around here who already calculated to the penny what the difference is going to be? Ummmm-no! I have also. 
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pushingit
Junior Member
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Post by pushingit on Dec 29, 2010 21:04:16 GMT -5
Yes, the tax holiday is for the whole year. And everyone who pays SS tax will get it regardless of income level.
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❤ mollymouser ❤
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Sarcasm is my Superpower
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Post by ❤ mollymouser ❤ on Dec 29, 2010 21:50:14 GMT -5
I think we're planning on buying Mega Millions Lottery tickets with our $$.
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TrixAre4Kids
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Post by TrixAre4Kids on Dec 30, 2010 0:50:09 GMT -5
Am I the only anal-retentive around here who already calculated to the penny what the difference is going to be? Lena No, I figured mine in the $1300 range |
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bobosensei
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Post by bobosensei on Dec 30, 2010 6:25:01 GMT -5
I figured mine out too, but I keep forgetting about it when I plan for next years investments.
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Wisconsin Beth
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Post by Wisconsin Beth on Dec 30, 2010 8:23:07 GMT -5
Sorry about my lousy math skills.
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HoneyBBQ
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Post by HoneyBBQ on Dec 30, 2010 9:21:50 GMT -5
I must live under a rock. Can someone fill me in? We get 2% off our our social security contributions this year?
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resolution
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Post by resolution on Dec 30, 2010 10:37:01 GMT -5
Yes, they are cutting the employee contribution by 2% for the year. This will offset a different tax credit from the stimulus that is expiring so there should be no net change to the paychecks. If the cut hadn't been passed peoples checks would have gone down by 2% from the expiration of the tax credit. I am concerned that this is the first step toward weakening social security. It is already very shaky and if they start cutting contributions to offset other budget strategies I am concerned it will hasten its demise.
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HoneyBBQ
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Post by HoneyBBQ on Dec 30, 2010 10:43:33 GMT -5
Kari - so no change in my checks so I should ignore (for now)? lol
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resolution
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Post by resolution on Dec 30, 2010 10:51:09 GMT -5
I haven't figured out any of the math for it but it should be roughly the same if your income is under $150k for a married couple. I think if you earn more than that your checks may go up because you wouldn't have gotten the old credit that is expiring.
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HoneyBBQ
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Post by HoneyBBQ on Dec 30, 2010 10:56:28 GMT -5
Thanks K, looks like I need to google because we make more than that. Thanks for the help!
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Deleted
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Post by Deleted on Dec 30, 2010 11:19:52 GMT -5
We did change ours about 2 weeks ago to 20%. Living it that way till our next raise (June for me, september for my wife I believe)
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Post by breezy on Dec 30, 2010 11:27:38 GMT -5
Mine is going to be offset w/ an increase in insurance premiums. |
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Deleted
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Post by Deleted on Jan 1, 2011 1:06:46 GMT -5
I am going to do something retirement-wise with the $$$, but I'm not sure what yet. I have the equivalent of a 403b, which is pretax. It has no load, but it is invested as the guy who runs our retirement system decides to invest. He does a good job, but it still isn't like investing in a mutual fund.
Last year my new DH frightened me with the though of filing single and married. No Roth for me. We didn't, but I held off this year and just increased my contributions to the above account accordingly. But once we figure out taxes THIS year, I should know what we are doing.
It sure was nice (NOT) being young and clueless about this stuff years ago. Oh, wait . . . I am older and clueless. I'm not sure that's an improvement.
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