Paycheck A Little Smaller? Here's Why...
You may have been spared from paying more in income taxes, but there still could have been a hit to your paycheck after the Fiscal Cliff Tax Deal was reached earlier this month. Here's all you need to know...
If you take a close look at your first 2013 paystub you will probably notice that Uncle Sam took a bigger chunk of your pay for Social Security. Taxpayers got a temporary holiday from paying the full 6.2 percent beginning in 2011, but that is over thanks to the fiscal cliff tax deal reached earlier this month. That legislation stopped the income tax hikes for most Americans, but the Social Security payroll tax holiday was allowed to expire. AOL explains it like this: Social security is financed by a 12.4 percent tax on wages, with employers paying half and workers paying the other half. During the temporary holiday, the employee contribution was reduced to 4.2 percent in 2011 and 2012, saving a typical family about $1,000 a year. To see …
CowDung
12:33 pm on Tuesday, August 2, 2011
Considering that I drive a 2000 Saturn and don't consider myself to be an 'over-privileged white dude', I'm not sure that I can tell you what they drive... more ›