This causes a few problems.
...The issue: 2011 tax-withholding tables. Treasury officials usually release the tables, which determine the take-home pay of millions of wage-earners, by mid-November because it takes payroll processors weeks to adjust their systems before Jan. 1.
But congressional leaders recently postponed voting on taxes until after the election and lawmakers don't reconvene until Nov. 15. The Senate is scheduled to take up several nontax issues when it returns and is expected to leave for Thanksgiving soon after, possibly pushing a vote on taxes into December.
The (D) scuzzbuckets don't really care about business concerns like payroll processing (and that assumes that they KNOW about business operations, which is more and more questionable as time goes on.) In all likelihood, they don't give a flying flip.If they do NOT continue the Bush tax-cuts, there will be effects.
...Treasury officials' most obvious option is the least attractive. If they publish tables based on expiration of the Bush tax cuts, which occurs Jan. 1, millions of low- and middle-income taxpayers who have paid little or no income taxes for a decade would likely see increases in January.
How much more tax will come out of paychecks?
Let's say that you earn $60K--in other words, you work as a plant employee at Harley-Davidson. And let's assume that you have 2 children.
You'll get $180.00 LESS EVERY MONTH after taxes.
But if your wife also works--say, as a customer-service professional, and earns $40K, you'll pay the Feds $335.00 more every month.
Fuggedabout that car.
Like I said: useless jerks.
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