In California an additional 10% will be taken out of your paychecks?????? Reporting from Los Angeles and Sacramento - Starting Sunday, cash-strapped California will dig deeper into the pocketbooks of wage earners -- holding back 10% more than it already does in state income taxes just as the biggest shopping season of the year kicks into gear. EEK!!!!!!!!!!! Do you think you'll ever get it back???????
It's 10% more in state income taxes only - from what I understand, the average person will be paying about $4 a month more.
This is what I found: From a single taxpayer earning $51,000 a year with no dependents, the state will be grabbing an extra $17.59 each month, according to state tax officials. A married person earning $90,000 with two dependents would receive $24.87 less in monthly pay. Sounds like they are STEALING your money.
That STINKS. With our income, that's a nice dinner out each month. How are people suppose to climb out of their debt, save like they were SUPPOSE to be doing and still stimulate the economy with spending when their checks are getting smaller and smaller?!?
The article says 'you'll get it back'...really? Don't hold your breath. In NJ yesterday, the incumbent free-spending governor was voted out. We are one of the highest tax-paying states in the nation, businesses have been leaving the state, there's a 'brain drain' with more and more college and university students going out-of-state and staying out of state...our teachers' union endorsed the incumbent but the voters got rid of him...good riddance. Messages need to be sent to legislators, governors, other elected officials- you can't spend your way to economic recovery. I work too hard for my money to have the government take more from me without a fight. Make your voices heard, Cali!!
Well, North Carolina gave us a furlough last year and took 0.5% of what we were already paid back. So, they took about $200 out of our last check before the summer. It was 10 hours of furlough time, but there were so many restrictions on when you could take it, most people (including myself) did not. I'd rather pay an extra $20 in taxes than have $200 of my salary taken away. Just my
We are supposed to get "larger than usual" state tax refunds next year. Bah. I'm not real thrilled with my state right now. Haven't been in a while, actually. At least the weather's nice.
Well it is amazing they can take an interest free loan (ie: steal your money) without even having to apply for it. Sheesh......we should all have such a luxury. What I could do with an interest free loan....... I hope you get your money back as promised. Time will tell.
I didn't read the particular article posted, but I know that if you DON"T want to provide the state a tax-free loan, all you have to do is go to your employer and adjust your state tax with holdings. All it will take is about 15 minutes, long enough to fill out a new W-4 form at work. The state knows this, and is betting that most people won't do this, because if they did, the state would be in a REALLY bad position.
So, just out of curiosity IF I get hired, when you say to adjust your state tax withholdings, well... what would it be then??? Like, how would you figure that out???
What is to stop them from taking an additional 5% at the end of the year or 10% more next year? We must all talk with, call, write, or e-mail our legislators and tell them NO!
There many online Calculators to figure your W4 http://www.ftb.ca.gov/individuals/wsc/adjst_wgs.shtml I figure my withholdings so that I pay about $100 between Fed and State, that way I can put my money away in some place that pays ME compound interest. I find that people who rejoice about getting a refund don't realize that they are giving the Fed & State a no interest loan!
Dave, I agree. I don't like giving out interest free loans to anyone. The way the California govt. is doing this seems so sneaky. As someone said, they are hoping no one adjusts their withholdings, they are counting on it. I think it's time to outsmart these politicians. They dug the hole, I think they need to lie in it, and be buried in it and not expect the tax paying citizens of California to dig them out once again! Too bad that couldn't happen without hurting the citizens of Cal. even more. Like Ross said, what's to stop them from taking another 5% or 10% next year. Where does it end? And is this going to be a model for other states or for the Federal government when they spend, spend, spend our money and get farther and farther in debt?
I believe I understand it as: the withholding will increase by 10% You have to look at really how much the extra is. It is 10% of what you pay in withholdings not 10% of your income. So if you pay $2,000 per year into withholdings (yearly income would be apx $32,000), your withholdings will increase by $200 to $2,200 which is about $7.68 per pay (26 pays). Doesn't look so bad BUT the point is, it is still the taxpayer's money being used as a loan. I hope my Math is correct and I took the withholdings from the California wage withholding - Form DE 4 online
