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Friday, November 16, 2012

Fiscal Cliff vs not? Budget planning for 2013

I love this characterization of the fiscal cliff!
After reading Fate of paychecks rests on fiscal cliff this morning, I realized my draft 2013 budget was based on this year's tax rates. Hmmm. I'm not sure it is worth the effort to figure out what our FICA and Federal income taxes would be if the automatic increases in both (or return to normal in the case of FICA) actually happens. What I do think is that I need to come up with an estimated increase total to factor into my budget.

Has anyone figured this out yet in terms of how to calculate the impact specific to one's own finances?


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5 comments:

  1. SharonNovember 16, 2012 at 11:57 AM

    I will be figuring this out soon, as I really need to get my 2013 budget in order. Wish we had the same tax rates, but alas, we will not.

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  2. DebbyNovember 16, 2012 at 2:19 PM

    I think I have our increase figured out it will be an additional $400.00 a month in fed taxes, we already have to pay the full amount in FICA not matter what so no change on that one. Makes me nuts that families sit down and figure their budgets and know how to live with what comes in, not so much in DC,GRRR

    ReplyDelete
  3. DebbyNovember 16, 2012 at 2:22 PM

    This chart might help others figuretheir own tax increase http://voices.washingtonpost.com/ezra-klein/2010/12/the_bush_tax_cuts_in_one_chart.html

    ReplyDelete
  4. TomNovember 17, 2012 at 10:26 PM

    The tax system is waaaay too complicated for me to make these projections.

    ReplyDelete
    Replies
    1. JuhliNovember 18, 2012 at 6:41 AM

      I know - but I feel like I should get a potential number in my head and plans. Perhaps it will get clear before I get around to figuring out how to do that lol.

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