Off-Topic: NOT Really, the effect!!!
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Name:
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GoneFishin
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Subject:
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NOT Really, the effect!!!
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Date:
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1/28/2013 12:13:54 AM (updated 1/28/2013 12:17:40 AM)
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The IRS issued a new tax table in December 2012. Then, Congress passed and Obama signed the new tax bill the beginning of January. Therefore, a new tax table was issue in January 2013. Assuming his pay has not changed from December 2012, the only change should be his Social Security deduction that will increase from 4.2% back to where it was 2 years ago 6.2%. I suspect the reason his check was $18 less was the wrong table was used. If he earns $100 per week the change should be a reduction of $2.00 for the 2% increase in Social Security.
From the IRS "The updated tables, issued today after President Obama signed the changes into law, show the new rates in effect for 2013 and supersede the tables issued on December 31, 2012."
http://www.irs.gov/uac/Newsroom/IRS-Provides-Updated-Withholding-Guidance-for-2013
Here is the 2013 revised withholding table:
http://www.irs.gov/pub/irs-pdf/n1036.pdf
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