I just went back and looked at my paychecks to see how much of a raise I missed. I wound up getting about an extra hundred bucks in my net pay per paycheck. I guess if I was to do the math out, I'd probably wind up coming out slightly ahead? But since I'd only know that by doing the math out, it sure didn't feel like I came out ahead.pr0ner wrote: ↑Tue Feb 26, 2019 10:05 amWhat was the difference in federal income taxes withheld from your paychecks between 2017 and 2018? That's where the "big big raise" you might have been expecting came from. As I previously mentioned, my tax withholdings for 2018 went down approx. $570 while my taxable income went up $15k between 2017 and 2018. By my rough math, I paid $6k LESS in withholdings (without changing the exemptions) in 2018 than I would have on that same amount of money in 2017. There's a good chance that's where your "big big raise" was, and you just missed it.Chaz wrote: ↑Tue Feb 26, 2019 4:20 amThis year, it wound up that our federal refund went down by more than half. That's with owning a house, having two kids, and both of us having 0 exemptions on our payroll taxes. That's way better than owing money, but still not the big big raise the GOP promised. The state refund wound up being three times more than federal, and basically in line with what we got from state last year.
Also, the exemption calculations were allegedly changed to try to make people actually get smaller refunds.
The tax cuts for the middle class end on January 1, 2026. The Democrats won't have to try to roll them back - they'll roll themselves back, and middle America will get slammed. The GOP House tried to make them permanent last year, but the Senate wouldn't take up the bills.
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Me too. That resulted in a smaller refund. Put the two together and it amounted to a lowering for my federal tax percentage. Not by much, but I did a see break, a 00.8% rate braek. If I had that break four years in a row it would advance my retirement plans by a month. It's not Jesus or anything but I'll take what I can get. Also, I don't know how much is from that tax break and how much is from the increased 401k tax deferments I elected to take and how much is from huge increases in my payroll with holdings to pay for healthcare. My COL/Merit increases for 2018 did not cover my payroll deductions for health care increases much less that combined with my electing to cover the increases in allowed 401k contributions.
edit: That finally was wrong so I deleted it after looking at my virtual pay stub.