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cbtengr · 12-27-2012, 11:27

The fact that Social Security is running a massive deficit comes as no surprise to me. If you will all recall back in Jan. of 2011 the following occurred. Having paid into Social Security for more than 40 years now I am less than optimistic that I will ever see a dime of my money or my employer’s money ever come back to me. Please do not get me wrong I am not opposed to keeping more of my own money but this is not sustainable especially with the influx of so many new freeloaders I mean folks with disabilities being added to the rolls.

http://www.irs.gov/uac/Payroll-Tax-C...ble-on-IRS.gov

Payroll Tax Cut to Boost Take-Home Pay for Most Workers; New Withholding Details Now Available on IRS.gov
IR-2010-124, Dec. 17, 2010
WASHINGTON ― The Internal Revenue Service today released instructions to help employers implement the 2011 cut in payroll taxes, along with new income-tax withholding tables that employers will use during 2011.
Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a two percentage point payroll tax cut for employees, reducing their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid. This reduced Social Security withholding will have no effect on the employee’s future Social Security benefits.

12-27-2012, 11:27	#6
cbtengr Area Commander Join Date: Apr 2011 Location: Midwest Posts: 2,847	The fact that Social Security is running a massive deficit comes as no surprise to me. If you will all recall back in Jan. of 2011 the following occurred. Having paid into Social Security for more than 40 years now I am less than optimistic that I will ever see a dime of my money or my employer’s money ever come back to me. Please do not get me wrong I am not opposed to keeping more of my own money but this is not sustainable especially with the influx of so many new freeloaders I mean folks with disabilities being added to the rolls. http://www.irs.gov/uac/Payroll-Tax-C...ble-on-IRS.gov Payroll Tax Cut to Boost Take-Home Pay for Most Workers; New Withholding Details Now Available on IRS.gov IR-2010-124, Dec. 17, 2010 WASHINGTON ― The Internal Revenue Service today released instructions to help employers implement the 2011 cut in payroll taxes, along with new income-tax withholding tables that employers will use during 2011. Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a two percentage point payroll tax cut for employees, reducing their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid. This reduced Social Security withholding will have no effect on the employee’s future Social Security benefits. __________________ The only reason some people get lost in thought is because it's unfamiliar territory. Last edited by cbtengr; 12-27-2012 at 16:40. Reason: Wrong number of years but still a lot.
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