Community Corner
What Does Your Paycheck Look Like Post Fiscal Cliff?
People making $50,000 a year who are paid twice each month are now taking home $42 less in their paychecks.
Two weeks after Congress averted the Fiscal Cliff, Salem area residents have undoubtedly seen the effect of the loss of the payroll tax cut in their paychecks.
If you make $50,000 a year, you are now paying about $1,000 more in federal taxes, according to CBS. For those who are paid twice each month, that amounts to about $42 less per paycheck or $84 less per month.
The Wall Street Journal has a calculator to determine how much more in taxes you are now paying a year based on your salary.
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