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Did your taxes suddenly go up?

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  • Did your taxes suddenly go up?

    Hi,

    I was checking my paycheck and my federal tax shot up to $800 more!  Did anyone else see similar changes in their paycheck?

    -FIREoneDay

  • #2
    Same pay and same pay period?
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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    • #3
      To clarify - based on the limited info you provided, your taxes did not go up. Your withholding went up.

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      • #4
        Are you now single? Did you change your W-4? Are you now making more money? All of those could be reasons why your employer is withholding more taxes for you to help you avoid owing money come April 2018.
        Helping those who wear the white coat get a fair shake on Wall Street since 2011

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        • #5
          its probably your FICA. the limit is 118K per year, so at the beginning of the year its taken out. once you cross that limit its no longer withheld.

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          • #6




            its probably your FICA. the limit is 118K per year, so at the beginning of the year its taken out. once you cross that limit its no longer withheld.
            Click to expand...


            Excellent thought. I bet you're right.
            Helping those who wear the white coat get a fair shake on Wall Street since 2011

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            • #7
              The limit is now 127,200. Yeah, ouch.

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              • #8
                Yes

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                • #9
                  Hi,

                  Nothing changed. I started working in VA in August and I wasn't charged for federal tax until today. Does this mean I am going to be charged that amount for every paycheck?

                  -FIREoneDay

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                  • #10
                    I already get charged for medicare and SS.  Would FICA still apply?

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                    • #11
                      FICA is medicare and SS. But a high earner like a doc would "max out" their SS halfway through the year. So the change from December to January would see a drop in your take home pay.
                      Helping those who wear the white coat get a fair shake on Wall Street since 2011

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                      • #12
                        Yes.

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                        • #13
                          both my taxes and take home pay went up today because last paycheck I maxed out my 403b for the year.

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                          • #14
                            ah the simple answers.

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                            • #15
                              Agree.  FICA most likely.

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