Your Pay Checks Will Be Smaller Starting Now! Tax Hike on Your First 2013 Check
Your taxes are going up. They already have as a matter of fact. You started getting hit for another two percent on January first! Why?
The Social Security Payroll tax break has expired. The past two years have seen this tax at 4.2%. It is now 6.4%. that's two more dollars out of every 100 dollars you make. For a family earning $50,000 it means $1,000 more a year in new taxes. Your first paycheck of 2013 will be smaller, as will be every paycheck this year. Some companies are warning employees and for some it will simply be a surprise.