Originally posted by Knight50:
Two big things took place in the New Year that will affect how much you bring home with each new paycheck this year.
The temporary reduction in Social Security payroll tax expired.
For someone who makes $50-thousand a year that means you'll be paying a $1,000 more a year into Social Security.
Then there's the payroll tax increase, which impacts 77-percent of families.
If you make between $40-and-50-thousand, you'll pay $579 more this year than last.
If you make between $50-and-70-thousand, taxes will go up $822.
So for the person earning that $50-thousand income, add the $1000 going to Social Security plus the $822 in payroll tax for a total of $1822 that wasn't coming out of your check last year, but will this year.
Monthly, that breaks down to $151, or about $38 a week
As your employer matches your SS, they get nailed also. Look for someone to get fired to make up for the loss.
