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View Diary: Federal taxes lowest since 1950 (196 comments)

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  •  All Federal withholding went up (3+ / 0-)
    Recommended by:
    Odysseus, American Zapatista, hmi

    since making work pay as a credit went away.  However, you will find that your FICA went down by more than the withholding went up.

    •  Not for everyone. (0+ / 0-)

      Making Work Pay reduced federal withholding up to 6.2%, with a cap of $400 single/$800 married. The FICA holiday is 2% for everyone, regardless of wage/salary.

      People with pretty good (or better) income should see lower federal withholding or at least break even. But some lower income workers lose take-home pay. If a worker's MWP credit was a full 6.2% of income, the 2% FICA holiday does not exceed or even balance the loss of MWP.

      Just because you're not a drummer doesn't mean that you don't have to keep time. -- T. Monk

      by susanala on Fri Jan 28, 2011 at 08:15:47 AM PST

      [ Parent ]

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