Welcome to the Fiscal Cliff. Just received this notice from payroll dept...

The sad part is how people think their taxes are not going up. They are going up for EVERYONE you morans.

i'm sure all the poor fools who voted O will love the way prices rise.

AK Dawn in ghettos all over America, not just Detroit.

Just STOP. STOP participating in the scam. Claim ten dependents and in essence tell them to go fuck themselves. EVERYBODY just stop.

Important changes to your tax withholding amounts effective January 1, 2013

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that was signed into law in December 2010 will expire on December 31, 2012. What this means to you:

· The temporary 2% cut in employee Social Security withholding (from 6.2% to 4.2%) effective on January 1, 2011, will expire, and the rate will change back to 6.2%.

· The Social Security wage base is increasing from $110,100 to $113,700, resulting in the maximum tax being increased from $4,624.20 to $7,049.40.

· In addition, the Patient Protection Affordable Care Act of 2010 increases the Medicare part A payroll tax by 0.9% (from 1.45% to 2.35%) for all income above $200,000.
Other possible changes effective January 1, 2013:

Tax-related provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) also are set to expire on December 31, 2012 impacting Federal Income Tax withholding. What this means:

· The 10% income tax bracket is eliminated; the lowest bracket will be 15%. The top four brackets will change as shown below. To:

25% to 28%
28% to 31%
33% to 36%
35% to 39.6%

· Optional flat rate tax on Supplemental Wages up to $1 million in a year increases from 25% to 28%.

· Mandatory flat rate on Supplemental Wages over $1 million in a year increases from 35% to 39.6%.

The information above reflects the legislation currently in effect. If the laws change, we will send an update as early as possible in January 2013.

I run a national payroll opreration - this is all true. All of my tax tables are set to result to these rates.

Also if congress acts sometime in January to extend the cuts - and retros the effective back to 01/01/2013, very few payroll systems will be able to refund the federal tax overwithheld. Fica will be reimbursed, but most companies will tell employees they'll get the overpayment of federal tax back when they file thier taxes in Jan 2014.

Many people are going to be shocked when they get thier first check in 2013.