Social Security Dropped to 4.2%

Just a heads up, if you don't already know, but your FICA (Social Security dropped from 6.2% to 4.2% for 2011. It was a late release so be sure to remind your Payroll Department to implement the change if they have not already done so.

If they fail to make the change on your first paycheck the IRS is giving employers until January 31, 2011 to make the correction and issue any over withholdings by no later than March 31, 2011.

This is a great cut back. An employee making $50,000 per year will see an adjusted increase in pay of $1000.

Congress still has not voted on your Withholding Tax so the percentage brackets are the same until further notice.

If it were me I would put this additional money aside for the what if, when the government decides further action. 

Let's get it down to 0%.

Now we are gonna see a hiring explosion like never seen before

Yea the cap stayed the same at $106, 800

What's messed up is the fact that virtually everyone's SUI Rate went up to the States maximum....

We were at 3.5% and it went all the way up to the max of 6.2% in California......We are in other states, but the rate increases were not as drastic...

So they are saving money for the employee's, but the employers are getting screwed every which way.....We had a surplus in our CA SUI reserve account entering into 2010 of about 200-300k and now it is in a deficit of 226k....all those Unemployment extensions killed us thus raising our rate just in CA by 2.7% on every $7,000 in wages....that's an increase of $189 for every employee at just over 5000 employees we have just in CA....The extension upon extension of Unemployment Benefits is going to kill us.....And who knows what our Corporate Taxes will be after all the shit the govt did to fuck us...

this is and has been the problem....spending and taking funds that don't belong to that perticular program....

this 2% decrease is just another example of what will have to happen to correct the situation....in order to compensate for the 2% decrease in FICA they will need to get the money from somewhere else....how are they going to do this? They aren't...they are just borrowing from borrowed money already.....they have had two hands and both feet in the cookie jar for far too long to correct the problem....this simply has no fix without printing more money cause they most certainly will not do what is necessary to correct it....starting with their own pension programs and continued salaries these clowns make after serving... 

Quote Originally Posted by scalabrine:

Social Security is underfunded by $14 TRILLION Dollars. The petty $1,000 each $50K earner will save this year will be felt when the program becomes insolvent by the time you retire, in part due to cut-backs in contributions like these.

But that $1,000 might get us twenty trips to a barstool so we can watch the ESPNews ticker! Whoopeeeee!

You know what, I will take my chances that the $1,000 in my pocket now will serve me much better than if I needed to pay it into this giant Ponzi scheme.  Don't kid yourself, unless you are about 50, you aren't seeing a dime of this money anways

BECAUSE. WE. TOOK. THEIR. FUCKING. MONEY. TO. BEGIN. WITH.