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California to withhold a bigger chunk of paychecks goes up 10% on Sunday 11/1/2009User Forum Topic
Submitted by tucker... on November 1, 2009 - 6:03pm
i didn't beleave it, i started hearing rummors two days ago about this.total news black out on this until today wtf! Reporting from Los Angeles and Sacramento - Starting Sunday, cash-strapped California will dig deeper into the pocketbooks of wage earners -- holding back 10% more than it already does in state income taxes just as the biggest shopping season of the year kicks into gear. Technically, it's not a tax increase, even though it may feel like one when your next paycheck arrives. As part of a bundle of budget patches adopted in the summer, the state is taking more money now in withholding, even though workers' annual tax bills won't change. Think of it as a forced, interest-free loan: You'll be repaid any extra withholding in April. Those who would receive a refund anyway will receive a larger one, and those who owe taxes will owe less. what refund, we will get an iou. "People can get out of this," she said, noting that most people would have to change their allowances through their employers. California's budget leaders are banking on the hope that most won't." read the rest for yourself now its in black and white.
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Loan, huh? How is their credit rating?
In april? Have you seen their accuracy in budgeting. haha
This was slipped in under the radar and is total BS.
I will change my allowances tomorrow.
This is one of the many gimmicks Sacramento used to avoid true spending cuts. The public employee unions own the state government, and many city governments. Government jobs now pay far more than comparable private sector jobs, and the latter are falling farther behind in this recession.
Everybody should fill in a new ED4.
http://www.edd.ca.gov/pdf_pub_ctr/de4.pdf
Do you guys think after you file you won't get the money back?
Why is this even legal? I am really suprise no body takes the state to court for this.
I just got my company's payroll package this morning and it is true. Everyone's check is smaller this time than last. Except for mine. I have always had a specific dollar amount withheld, rather than have it calculated from the tables. People may want to check to see if their company allows specific dollar withholding. It is legal and cleaner than tweaking exemptions, imo.
Yes, you may get an IOU
Besides, does loaning money to this profligate state seem like a good idea to you?
Any body knows how many more exemptions required to cover extra withholding?