Author Topic: How much extra did you get in your paycheck?  (Read 5266 times)

Roadrunner53

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How much extra did you get in your paycheck?
« on: February 06, 2018, 07:33:45 AM »
With the new tax cuts, how much extra money did you get in your paycheck? My girlfriend told me she got $3.00 more per week! WOW, didn't Paul Ryan say we could save for retirement, save for our children's education, go on a vacation and so much more!

That $156 a year is going to rock her world!

protostache

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Re: How much extra did you get in your paycheck?
« Reply #1 on: February 06, 2018, 11:31:34 AM »
My monthly paychecks vary because part of my compensation is commission based, but based on my February check it's about $500/month. My W-4 says Married 0, though, so I'm not at all confident that's going to be correct come next April. I guess we'll see.

TheWifeHalf

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Re: How much extra did you get in your paycheck?
« Reply #2 on: February 06, 2018, 06:18:22 PM »
I think we're in that small group of people that the Trump tax cuts don't make a difference.
But TheHusbandHalf got a $1.50/hour raise on Tuesday.

JLee

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Re: How much extra did you get in your paycheck?
« Reply #3 on: February 06, 2018, 06:40:41 PM »
I don't know what the end result will be when I actually file for 2018, but my employer withholding dropped by ~$250/mo.

ysette9

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Re: How much extra did you get in your paycheck?
« Reply #4 on: February 06, 2018, 08:53:10 PM »
I’m getting more in my paycheck but I am not sure if I’ll get to keep any of it. I am still trying to work out the numbers of the entire impact. I’m expecting to get screwed because I live in a state that didn’t vote for him

Mississippi Mudstache

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Re: How much extra did you get in your paycheck?
« Reply #5 on: February 07, 2018, 07:02:40 AM »
Hard to say. I got a raise that kicked in Jan 2018 that adds a few %, plus I finally qualify for my company's 401k in Jan 2018, which reduces it by 20% (but not quite because it also reduces my tax withholding). So I really don't have a clue. I know it's not enough to have a meaningful impact on my finances.

simonsez

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Re: How much extra did you get in your paycheck?
« Reply #6 on: February 07, 2018, 07:07:01 AM »
$96/every 2 weeks

I'd estimate that about $40 of that is due to the formula change.
« Last Edit: February 07, 2018, 03:15:48 PM by simonsez »

apkanne

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Re: How much extra did you get in your paycheck?
« Reply #7 on: February 07, 2018, 11:09:15 AM »
$30/week

JSMustachian

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Re: How much extra did you get in your paycheck?
« Reply #8 on: February 07, 2018, 01:53:24 PM »
My paycheck increased $82 and I get paid biweekly so $2132 a year.

thedigitalone

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Re: How much extra did you get in your paycheck?
« Reply #9 on: February 07, 2018, 02:16:05 PM »
My take home went up by $73.71, paid bi-weekly so $36.85 per week, $1916.46 for the year.
« Last Edit: February 07, 2018, 02:17:53 PM by thedigitalone »

v8rx7guy

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Re: How much extra did you get in your paycheck?
« Reply #10 on: February 07, 2018, 04:06:33 PM »
$8 a week, but I could also up my with holdings due the the higher child tax credit

Ricksun

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Re: How much extra did you get in your paycheck?
« Reply #11 on: February 07, 2018, 06:46:16 PM »
$326 biweekly, which makes no sense since all my calculations say I'd owe over $8,000 at this level of withholdings.  I wonder how many others are affected like this and just don't know it until next April.

2Birds1Stone

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Re: How much extra did you get in your paycheck?
« Reply #12 on: February 07, 2018, 07:09:55 PM »
$186/month in take home pay, $2,232 annually.

Definitely significant.

RetirementDreaming

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Re: How much extra did you get in your paycheck?
« Reply #13 on: February 07, 2018, 10:19:50 PM »
$77/pay period, $1848 annually.

MNBen

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Re: How much extra did you get in your paycheck?
« Reply #14 on: February 08, 2018, 11:16:25 AM »
 $71 per paycheck, $1,852 annually

YttriumNitrate

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Re: How much extra did you get in your paycheck?
« Reply #15 on: February 09, 2018, 08:56:09 AM »
I think my paycheck went up about $40 a month. Of course, since payroll services don't know if you itemized or took the standard deduction, the current numbers are basically just someone's guess as how you may be affected by the new tax laws. Since my wife and I didn't have enough to write-offs to itemize pre-2018, I'm guessing we will need to adjust down our withholding amounts.

EscapeVelocity2020

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Re: How much extra did you get in your paycheck?
« Reply #16 on: February 09, 2018, 09:23:42 AM »
$406/mo, $4,800/yr.  Preliminary tax calculators had my savings much higher than that, but I'm one of those that didn't need the extra, not that I'm complaining.  I'll check my withholding after I do my 2017 taxes because my 'refund' (annual loan to the gov't) is already too high.  But all thing being equal, that's what my paycheck went up by - don't tell my wife :)  It'll help defray my new SCUBA hobby.

spicykissa

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Re: How much extra did you get in your paycheck?
« Reply #17 on: February 09, 2018, 04:34:57 PM »
Not sure--I have shift differentials and overtime and other vagaries to contend with, so it's hard to tell. My husband's went up $216.34/mo, or about $2600 per year.

We've owed taxes the last two years and had itemized due to high SALT--not sure what'll happen when all is said and done.

JumpInTheFIRE

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Re: How much extra did you get in your paycheck?
« Reply #18 on: February 14, 2018, 12:26:10 PM »
Well, according to Paul Ryan $1.50 per paycheck is a fantastic thing. His tweet:

"A secretary at a public high school in Lancaster, PA, said she was pleasantly surprised her pay went up $1.50 a week ... she said [that] will more than cover her Costco membership for the year,"

These guys are so out of touch they think we should be excited about getting a buck fifty when the corporations and 0.1% are reaping billions from this change.  Meanwhile, Congress is spending money we don't have at a fantastic rate.  Once the Republicans gained power deficits and fiscal conservatism no longer matter.

frugalnacho

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Re: How much extra did you get in your paycheck?
« Reply #19 on: February 14, 2018, 01:09:03 PM »
I think my paycheck went up about $40 a month. Of course, since payroll services don't know if you itemized or took the standard deduction, the current numbers are basically just someone's guess as how you may be affected by the new tax laws. Since my wife and I didn't have enough to write-offs to itemize pre-2018, I'm guessing we will need to adjust down our withholding amounts.

It doesn't matter if you itemize or not, it's based on the number of allowances you put on your w4.  Your payroll is going to use this to calculate withholding:  https://www.irs.gov/pub/irs-pdf/n1036.pdf

This is the old way to calculate withholding:

http://payroll.wsu.edu/taxes/howto.htm

My calculations for withholding for the previous and current method are both within 2-3 cents of my actual paycheck.  I am MFJ with 6 allowances.

My paycheck increased $14.57 per pay period.  24 pay periods per year so $349.68 less annually. 

Michael in ABQ

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Re: How much extra did you get in your paycheck?
« Reply #20 on: February 14, 2018, 03:02:51 PM »
My bi-weekly paycheck went up about $12.00. Then again I have 8 allowances on my W-4 so they weren't taking out much anyways. Next year with the larger tax credits I should get it all back and then some (as pretty much happened this year).

Mezzie

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Re: How much extra did you get in your paycheck?
« Reply #21 on: February 14, 2018, 05:55:15 PM »
I got $200 more (and I only get ten paychecks a year, so the math is easy). I'm going to increase my 403 to the new limit and add $150 more to my 457.

Timodeus

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Re: How much extra did you get in your paycheck?
« Reply #22 on: February 15, 2018, 06:40:26 AM »
$13

Enough to cover the increase in rent this year. What's funny is that I have heard that this was a ploy to motivate people to vote for republicans this year. After looking at my paycheck and the 1.5 trillion dollar budget deficit over the next 10 years, yeah, I'm motivated alright just not in the way they wanted.

MightyAl

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Re: How much extra did you get in your paycheck?
« Reply #23 on: February 15, 2018, 06:47:15 AM »
$75 paid bi-weekly so about $1955 this year.  Not anything to sneeze at but definitely not life changing like your politicians want you to believe.

Roadrunner53

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Re: How much extra did you get in your paycheck?
« Reply #24 on: February 15, 2018, 07:09:32 AM »
Paul Ryan said it was going to be great! You could save for retirement, save for college, go on vacation, buy a new car! It was going to be the greatest thing on earth...oh, but it only lasts 8 years. By the time the 8 years is up, we will all have pockets full of moola falling onto the streets. We will have so much money, we won't be able to spend it fast enough! EARTH SHATTERING!

frugalnacho

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Re: How much extra did you get in your paycheck?
« Reply #25 on: February 15, 2018, 07:28:01 AM »
Well I do plan to FIRE in the next 8 years and will hopefully have enough moola that it will out live me.   The Paul Ryan prophecy may just come true.

Mezzie

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Re: How much extra did you get in your paycheck?
« Reply #26 on: February 15, 2018, 07:30:30 AM »
$13

Enough to cover the increase in rent this year. What's funny is that I have heard that this was a ploy to motivate people to vote for republicans this year. After looking at my paycheck and the 1.5 trillion dollar budget deficit over the next 10 years, yeah, I'm motivated alright just not in the way they wanted.
That's been my take as well. I'm paid by taxes, anyway; I don't have anything against them. :p

ice1717

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Re: How much extra did you get in your paycheck?
« Reply #27 on: February 15, 2018, 12:42:14 PM »
$326 biweekly, which makes no sense since all my calculations say I'd owe over $8,000 at this level of withholdings.  I wonder how many others are affected like this and just don't know it until next April.

$371 biweekly.  I'm calculating we will owe $10,000 in April at the new level of withholdings. 

YttriumNitrate

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Re: How much extra did you get in your paycheck?
« Reply #28 on: February 15, 2018, 03:05:45 PM »
It doesn't matter if you itemize or not, it's based on the number of allowances you put on your w4.  Your payroll is going to use this to calculate withholding:  https://www.irs.gov/pub/irs-pdf/n1036.pdf
Yes, but the whether or not you will end up increasing or decreasing the number of allowances taken depends very much on whether you are itemizing. I doubt that a large percentage of people have calculated their taxes for 2018 under the new law and adjusted their allowances accordingly.
« Last Edit: February 15, 2018, 03:07:51 PM by YttriumNitrate »

Babybalrog

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Re: How much extra did you get in your paycheck?
« Reply #29 on: February 15, 2018, 03:19:19 PM »
$25 / fortnight

VoteCthulu

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Re: How much extra did you get in your paycheck?
« Reply #30 on: February 16, 2018, 01:04:50 PM »
$72.31 / paycheck, or $1880 per year. That's a lot of extra bacon I'll have to walk off!

EscapeVelocity2020

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Re: How much extra did you get in your paycheck?
« Reply #31 on: February 16, 2018, 01:14:44 PM »
...
I'll check my withholding after I do my 2017 taxes because my 'refund' (annual loan to the gov't) is already too high. 
...

Pretty excited after checking the latest W4 calculator and updating with my employer.  I might have to double check later this year that I am not under-withholding once salary ranges are set, but the compounding of updated IRS rates and more exemptions is gonna be good.

MDM

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Re: How much extra did you get in your paycheck?
« Reply #32 on: February 16, 2018, 04:07:26 PM »
Pretty excited after checking the latest W4 calculator....
Gonna hafta brush up on Roman numerals: ;)
« Last Edit: May 30, 2018, 10:01:12 PM by MDM »

Cpa Cat

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Re: How much extra did you get in your paycheck?
« Reply #33 on: February 16, 2018, 04:13:13 PM »
I find the whole thing annoying.

I know what the impact of tax reform is going to be for all of my clients (software generates a worksheet). I know what their 2017 withholdings were. Based on this info, I could have advised them about what to do about their withholding.

Then the IRS forced through new payroll withholding tables, that are now being inconsistently rolled out among payroll providers.

It would have been so much easier if they had just left withholding alone and let people adjust based on their own personal circumstances OR issued new W-4s that are based on... you know... reality.

robartsd

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Re: How much extra did you get in your paycheck?
« Reply #34 on: February 16, 2018, 04:24:11 PM »
My paycheck increased by almost $74/mo. I think my federal withholding should just about match my federal tax liability for 2018.

wenchsenior

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Re: How much extra did you get in your paycheck?
« Reply #35 on: February 17, 2018, 09:36:42 AM »
~300 $/biweekly, which I suspect will be mostly be taken away again at the end of the year. 

v8rx7guy

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Re: How much extra did you get in your paycheck?
« Reply #36 on: February 17, 2018, 10:03:32 AM »
~300 $/biweekly, which I suspect will be mostly be taken away again at the end of the year.

How so?

wenchsenior

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Re: How much extra did you get in your paycheck?
« Reply #37 on: February 22, 2018, 10:26:08 AM »
~300 $/biweekly, which I suspect will be mostly be taken away again at the end of the year.

How so?

Because we right in the gray zone of income where it is unclear whether the changes will result in a higher or lower overall tax bill.  I suspect our tax bill will end up pretty close to what it has been under our old with-holding, not almost 8K less as indicated by this larger paycheck. We are losing a dependent exemption, which isn't made up for by the new standard deduction.  And this was our last year itemizing.  However, our overall tax rate has dropped a hair and I'm still unclear on how this new tax law will affect my little side business, so who knows?  Very rough calculations indicate that this new with-holding rate is a bit too generous and the gov't appears to be giving us a loan every 2 weeks.  Which is fine, as long as I'm prepared for it.

I hate this tax bill in general, but if the gov't is determined to give me loans (or more money), I'll take it and run with it. 

wbranch

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Re: How much extra did you get in your paycheck?
« Reply #38 on: February 22, 2018, 11:23:32 AM »
My bimonthly pay went up $44/payperiod. Wife's weekly pay went up $15.

Just reviewed withholding and adjusted so hopefully put us close to breaking even when completing 2018 taxes.

jscott2135

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Re: How much extra did you get in your paycheck?
« Reply #39 on: February 22, 2018, 03:42:09 PM »
$156/every two weeks so $4,056. I am petrified we'll end up owing a ton so I adjusted our withholdings to almost null it out.  Being in Oregon I'm really uncertain of how this will impact us come income tax time since we have a high state tax etc.

cantgrowone

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Re: How much extra did you get in your paycheck?
« Reply #40 on: February 26, 2018, 09:42:51 AM »
Increase of:
$63.20 weekly. $3286.40 per year.

I doubt that a large percentage of people have calculated their taxes for 2018 under the new law and adjusted their allowances accordingly.

How can I easily do this? I thought I had my 2017 taxes calculated correctly but we owe $2,500 from 2017.

MDM

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Re: How much extra did you get in your paycheck?
« Reply #41 on: February 26, 2018, 09:58:22 AM »
Increase of:
$63.20 weekly. $3286.40 per year.

I doubt that a large percentage of people have calculated their taxes for 2018 under the new law and adjusted their allowances accordingly.

How can I easily do this? I thought I had my 2017 taxes calculated correctly but we owe $2,500 from 2017.
If the 2017 version of the case study spreadsheet matches your 2017 actual return, the 2018 version will likely give a good prediction.

There are also the "what if?" worksheets of TurboTax, TaxAct, etc.

Inaya

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Re: How much extra did you get in your paycheck?
« Reply #42 on: February 26, 2018, 10:36:48 AM »
$26 per paycheck; $676 annually. So I save about half my monthly rent each year.

hadabeardonce

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Re: How much extra did you get in your paycheck?
« Reply #43 on: February 28, 2018, 05:51:34 PM »
Pretty excited after checking the latest W4 calculator....
Gonna hafta brush up on Roman numerals: ;)

That joke is worth its weight in gold.

Seriously though, *two thumbs up*

MDM

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Re: How much extra did you get in your paycheck?
« Reply #44 on: February 28, 2018, 06:50:51 PM »
Pretty excited after checking the latest W4 calculator....
Gonna hafta brush up on Roman numerals: ;)
<snip>
That joke is worth its weight in gold.

Seriously though, *two thumbs up*

Thanks - but now the IRS ruined it because they have a version with real numbers as of yesterday. :(

Don't think I've ever followed the W-4 instructions.  Instead, just projected tax due and adjusted withholding to match.

Fomerly known as something

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Re: How much extra did you get in your paycheck?
« Reply #45 on: March 03, 2018, 05:09:18 PM »
$8 bye-weekly.

LessIsLess

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Re: How much extra did you get in your paycheck?
« Reply #46 on: March 08, 2018, 07:06:43 AM »
It's silly to make fun of Paul Ryan.  Even if the increase is only $10/week, that's still extra money you didn't have before.  Give it away if you think it's nothing.

I personally know if people who will receive thousands of dollars in tax cuts, and they're just regular wage earners. 

EscapeVelocity2020

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Re: How much extra did you get in your paycheck?
« Reply #47 on: March 17, 2018, 10:57:11 PM »
It's silly to make fun of Paul Ryan.  Even if the increase is only $10/week, that's still extra money you didn't have before.  Give it away if you think it's nothing.

I personally know if people who will receive thousands of dollars in tax cuts, and they're just regular wage earners.

Well, it was about $400/mo with no effort on my part, just paycheck change.  Now that I've updated my withholding for what I expect (admittedly having over withheld with years of variable pay, got ~$18,000 refund this year), it looks like I'll safely have $2500 - $3000/mo extra.  Of course, this is money that I earned that I get to keep, but it's also money that I didn't expect or 'need'.  I'm not complaining and I'm spending some of it at restaurants and on tips to help 'trickle down', but this is seriously not the best way to make America more egalitarian.

ysette9

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Re: How much extra did you get in your paycheck?
« Reply #48 on: March 18, 2018, 01:01:47 PM »
I should probably take that extra $50 or whatever it is and invest it for my kids. They are the ones who will be stuck paying for the bill of this tax bill when someone in government finally comes to his/her senses.

harvestbook

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Re: How much extra did you get in your paycheck?
« Reply #49 on: March 18, 2018, 08:21:49 PM »
My 2017 tax analysis showed that under the Tax Cuts & Jobs Act, my federal income taxes will increase $300 next year if all else is the same. It's not a win for everyone.