After hearing late last year we were going to get a break on Social Security taxes for this year,of course my first thought was, extra coin funds! So I brought up the calculator and ran the numbers and found out I can buy a really decent coin if I set aside the tax cut and let it accumulate for a year. It will be painless, it's extra money you didn't have in your budget last year anyway so it won't be missed. I know it's not what the pols intended, we were supposed to spend it to help stimulate the economy, but us collectors have different rules, don't we?:devil: Anybody else doing the same?
You worked hard for that money, so you should enjoy spending it anyway you please. Spending it on coins sounds like a good idea to me. TC
I don't pay social security, or their taxes whatever they are because I pay into federal railroad retirement. This bums me out as I didn't get a tax break...our goes up every year. Guy
I can now a couple of 1909s vdb's now and by the way, I don't feel sorry for anyone that doesn't pay into FICA in the first place.
One thing to keep in mind is that there was a "Making Work Pay" tax credit for 2010 that expired at the start of 2011. This gave a tax credit of up to $400 per person or $800 per couple and phased out for higher wage earners. My point is that you may not realize the full 2% in your take home pay depending on circumstances. Uncle giveth and uncle taketh...
Depending on career, many don't have a choice. By law I can't pay into it, nor am I entitled to it. Rail employees, airline employees, port employees, all in operating possitions fall under these laws. Guy
I haven't studied the actual legislation and what I worry about is that we will find they cut the withholding by 2%, but not the tax RATE and in 2012 everyone will find they now have to pay that cumulative 2% back as a lump sum. After all with the Social Security fund now being in the red (payouts now exceed the money coming in) I find it surprising that they would then cut the amount coming in.
