Politics & Government
Taxes to Eat Up Larger Share of Paychecks
The expiration on payroll tax breaks at the beginning of the month will mean slightly smaller paycheck in 2013.
Last week, workers may have noticed that their paychecks were a little bit lighter.
When President Barack Obama and Congress reached a deal to avoid the "fiscal cliff" earlier this month, they did not reinstitute the 2 percent break on payroll taxes that had been in place the past two years.
This payroll tax calculator provided by the Wall Street Journal gives estimates on how much workers will see taken out of their paychecks annually:
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- A person making $15,000 will have an additional $300 deducted.
- A person making $30,000 will have an additional $600 deducted.
- A person making $50,000 will have an additional $1,000 deducted.
- A person making $75,000 will have an additional $1,500 deducted.
- A person making $100,000 will have an additional $2,000 deducted.
Will the increase in payroll taxes have a huge impact on the way you manage your finances this year? Tell us in the comments.
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