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Federal Employees Benefits Q &A

Do you have questions about your federal employee CSRS or FERS pension/annuity or federal employee retirement planning? Concerns about your Thrift Savings Plan (TSP) account or what about federal employee pay and leave issues?

Ask your question here.

The Q&A forum is moderated by Ed Zurndorfer -- an expert on federal employee benefits -- and a Certified Financial Planner, chartered life underwriter and chartered financial consultant in Maryland.

Zurndorfer is also the author of several federal employee benefits guides published by Federal Employees News Digest.

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#1 Posted : Wednesday, December 21, 2011 8:12:37 PM(UTC)

Rank: Advisor

Groups: Registered
Joined: 6/13/2007(UTC)
Posts: 111

As CSRS I of course do not pay social security.  Ever since the news started reporting that suspension of the payroll tax cut will cost the "average employee" about $1000/year, I've been wondering if it will affect me at all.  I've been trying to find out through Google and the best that I can find is the folowing, which could be interpreted that income tax withholding (which does affect me) would increase.  Or is it only SS withholding?
Payroll taxes are the taxes witheld by an employer from an employee's paycheck which covers the appropriate amount of federal and state taxes as well as FICA tax (also known as Social Security). These taxes are held in Trust and submited on behalf of the employee to the various entities on a quarterly basis. It is this amount that is determined by the amount of deductions an employee claims on their W-4 Form.
Ed Zurndorfer  
#2 Posted : Monday, December 26, 2011 8:46:37 AM(UTC)
Ed Zurndorfer

Rank: Senior Member

Groups: Registered
Joined: 9/10/2001(UTC)
Posts: 4,414

The payroll tax reduction extension into at least the first two months of 2012 - recently passed by Congress and signed into law by President Obama - reduces the employee portion of the Social Security (FICA) payroll tax from 6.2 percent to 4.2 percent. The payroll tax reduction does not affect CSRS-covered employees who do not pay into Social Security. But it does affect both CSRS Offset and FERS employees who do pay into Social Security.
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