Posted on 12/08/2010 6:10:28 AM PST by WOBBLY BOB
Meaning the 2% falls directly to your net pay and there are no further tax implications. It’s a pure cut.
“Washington’s tax deal pumps more money into economy”
But it’s counterfeit. Only the government gets away with printing counterfeit money. And them no for long.
I can’t find that line on my 1040 where SS is deductible from gross income
Just got my SS statement for 2011, it is $214.32 LESS than this year amount. O’nazicare I think. We don’t make 1/4th the $250K for a couple.
They will hit hubby’s SS and his Navy pension too I think.
The 2% cut in Social Security goes to taxable income column, it is no longer Social Security.
The Fedral Government is allowing you to “keep” it. It becomes taxable income, it is no longer your Social Security contribution.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.