New NC-4 allowance form, new tax rates & new tax laws (Winston-Salem: 2013, mortgage)

[rabbitsong]

Are the employers required to notify employees? Hubby has yet to hear about this. His employer is based out of state and is fairly new to NC. I'm wondering if he should just go online and do it himself?

[SunnyKayak]

Probably not, HR will likely just ask to fill out NC-4 again before a person clocks in on first day of work in January.

[WFW&P]

Lest we all forget a recession is consumption of goods slows; so when the next recession hits, and it will, the state will be hurting for revenue.

[SunnyKayak]

Finally news outlets are bringing this up since it does effect about everyone in the state.
It was just discussed on News 14 and I also a saw article just posted to address WfW&P concern.

I gotta veer a tad off topic as I need to vent. lmao
It drives me crazy when News 14 reporter Carolina Blair says Camp Leurne. its Camp LeJuene . There is no R. (edit someone on FB says she correct)

Anyways at this time the report on video and I hate how Time Warner requires log in to view but this report explains more on deductions . NEWS - Charlotte - News 14

Despite the Jan. 1 starting date, the impact on ticket prices will be delayed for many events. That’s because tickets that initially go on sale before Jan. 1 aren’t subject to the new tax – even if those tickets aren’t purchased until 2014.
So if tickets are already on sale for a event that is scheduled for next spring, the sales tax doesn’t apply regardless of whether you buy the tickets next week or next year.

Some of the affected groups already pay a lower tax tied to their receipts. \
Movie theaters pay a 1 percent gross receipts tax while many sporting events are subject to a 3 percent gross receipts tax.
These taxes would be supplanted by the new sales tax.
Can we say Netflix looking more appealing lol

The sales tax change was ordered in a new law that also reduced personal and corporate income tax rates.
The tax law did away with the state’s three-tiered personal income tax rates, creating a flat rate of 5.8 percent in 2014 and 5.75 percent in 2015.
On the corporate side, the income tax rate falls from 6.9 percent this year to 6 percent in 2014 and 5 percent in 2015.

[gypsylea73]

Ok..maybe Im just slow but does this not mean more money being taken out of my check every payday since I can no longer claim exemptions? I usually claim 2 during the year which means less money coming out each payday. When you live practically pay check to paycheck I don't see how this is a "good" thing. Also the new flat tax rate means I'm paying the same percentage of taxes as the guy making 2 million...right?

[WFW&P]

Originally Posted by gypsylea73

Ok..maybe Im just slow but does this not mean more money being taken out of my check every payday since I can no longer claim exemptions? I usually claim 2 during the year which means less money coming out each payday. When you live practically pay check to paycheck I don't see how this is a "good" thing. Also the new flat tax rate means I'm paying the same percentage of taxes as the guy making 2 million...right?

That is a very good question most likely answered by your accountant or when you do your taxes. As far as the flat tax goes 5% on $2 million is going to be more than on $20,000. The rich person will essentially pay more but the 5% on $20k will sting more because that person has less of a buffer. Additionally a flat tax means more money at the top with less of it being put back into the economy. Some tax laws are designed to make the "haves" spend money.

[joisy jim]

Just wondering how the new change in tax laws that was recently passed is being received by the "Retirement Community"??

Thoughts??

A tax cut in North Carolina, but first, new paperwork | CharlotteObserver.com

[momtothree]

I was looking over the 2014 NC Tax Tables for income tax so I can make sure I have the right amount being withheld. And I noticed a few changes and it's lower for 2014. The what's new on the first page of the PDF talked about a decrease. And the married, single etc are all lumped together now.

2014 Tax tables
http://www.dornc.com/downloads/nc30.pdf

2013 Tax Tables
http://www.dornc.com/downloads/nc30_2013.pdf

ETA: This is NOT the tax you will pay at the end of the year since you will have deductions/credits, adjusted gross income etc. This is just how much your employer will deduct from your payroll check.

[marc515]

I would like to see if there are any effects on the exemption of Federal pensions under the current Bailey Decision.

[goldenage1]

Originally Posted by joisy jim

Just wondering how the new change in tax laws that was recently passed is being received by the "Retirement Community"??

Thoughts??

A tax cut in North Carolina, but first, new paperwork | CharlotteObserver.com

The new witholding form won't affect me since I am not employed at all. My main income is Social Security. I honestly do not know whether I will pay more or less, but I am afraid it will be more, as the Observer article mentioned.