Suspend Payroll Tax thru 2020 ?

[dudley0]

Spouse has a W2. I do not. We also have the rental properties. Never know if you will turn a profit or a loss. Then there was the one year we sold a house to the tenant and didn't expect it.

That was a big check year, at least for me.

 

[Ingomike]

I thought conservatives were supposed to be...in theory at least, against growing the deficit.

...but I hear that over-taxation and overspending aren't important because we're going to "lose the country" if we don't approve of it or something. I didn't quite understand that position.

With cities burning, businesses destroyed, a virus that the media and a political party have used to scare people to irrationality, causing folks to lose their jobs, businesses to close, etc. You think a deficit or debt is a top priority for conservatives? Or should be?

What the heck is another trillion between friends...

 

[foszoe]

With cities burning, businesses destroyed, a virus that the media and a political party have used to scare people to irrationality, causing folks to lose their jobs, businesses to close, etc. You think a deficit or debt is a top priority for conservatives? Or should be?

What the heck is another trillion between friends...

Yes.Yes.

 

[HoughMade]

With cities burning, businesses destroyed, a virus that the media and a political party have used to scare people to irrationality, causing folks to lose their jobs, businesses to close, etc. You think a deficit or debt is a top priority for conservatives? Or should be?

What the heck is another trillion between friends...

I think that spending within one's means is a 100% of the time proposition, personally and for the government. Likewise, the federal government only doing what it should be doing under the Constitution is a 100% proposition.

 

[jedi]

I think that spending within one's means is a 100% of the time proposition, personally and for the government. Likewise, the federal government only doing what it should be doing under the Constitution is a 100% proposition.

Spending within our means!


No way jose! This is the land of borrow/credit and to hell with ever paying it off.

 

[HoughMade]

Spending within our means!


No way jose! This is the land of borrow/credit and to hell with ever paying it off.

...and everything is going so well.

 

[jedi]

...and everything is going so well.

It is.

Now be a good porter county taxpayer and pay lake county so we can get that commuter train expanded.

 

[Route 45]

...and everything is going so well.

Yeah, it's going to all collapse any day now. Been hearing that for at least 30 years or so.

 

[HoughMade]

Yeah, it's going to all collapse any day now. Been hearing that for at least 30 years or so.

I'm not so much concerned about a sudden crash (though stranger things have happened), but I am a bit concerned about a slow degradation of the foundations of the economy and the eroding of constitutional restraints upon the federal government.

 

[jedi]

Yeah, it's going to all collapse any day now. Been hearing that for at least 30 years or so.

It wont occur like that.
You wont wake up one day and boom shtf economical mess. Nah. It's a slow steady decline that occurs.
unless, off course, 2020 finishes us off with ALIENS!

 

[drillsgt]

Imagine what would happen to manufacturing and production if people only bought what they could afford?

 

[Route 45]

Imagine what would happen to manufacturing and production if people only bought what they could afford?

Exactly.

And "afford" is a matter of opinion. If someone can pay their bills on time and can use credit responsibly to enhance their experience on this God-forsaken rock, then they can afford it. No matter what the cash-only curmudgeon with his 25 year old Buick has to say about it.

 

[HoughMade]

Exactly.

And "afford" is a matter of opinion. If someone can pay their bills on time and can use credit responsibly to enhance their experience on this God-forsaken rock, then they can afford it. No matter what the cash-only curmudgeon with his 25 year old Buick has to say about it.

Who said "cash only"? How soon we forget 2008.

 

[Route 45]

Who said "cash only"? How soon we forget 2008.

If we forgot it, it must not have been that bad.

 

[jamil]

I'm not so much concerned about a sudden crash (though stranger things have happened), but I am a bit concerned about a slow degradation of the foundations of the economy and the eroding of constitutional restraints upon the federal government.

We’re so far past that I can’t even see where we were just 10 years ago over the horizon.

 

[4651feeder]

I haven't had Payroll Taxes withheld in this decade living amongst The Amish and all. For the rest of you, was this tax actually suspended in 2020 and will you now be responsible for it when filing your income tax returns in 2021?

 

[JettaKnight]

I haven't had Payroll Taxes withheld in this decade living amongst The Amish and all. For the rest of you, was this tax actually suspended in 2020 and will you now be responsible for it when filing your income tax returns in 2021?

AFAIK, this never came to fruition. In my tax prep classes there wasn't anything spoken about it.

 

[DoggyDaddy]

AFAIK, this never came to fruition. In my tax prep classes there wasn't anything spoken about it.

Is this getting confused with the suspension of OASDI withholding that was suspended? They will begin withholding ours again with our pay period ending January 16, plus a "make up" deduction through the end of March or April, (I forget).

 

[NKBJ]

Wife asked me about how much I think we're gonna have to pay for 2020.
All I know is to laugh.

 

[DoggyDaddy]

Is this getting confused with the suspension of OASDI withholding that was suspended? They will begin withholding ours again with our pay period ending January 16, plus a "make up" deduction through the end of March or April, (I forget).

Got an email at work today saying that now we'll be "paying back" the deferred payments of OASDI (FICA) over the entire year of 2021, not just the first 3 or 4 months.