ARTICLE
By now you've probably heard that if Congress doesn't act by the first of the year, the U.S. economy will go over a "fiscal cliff" of increased taxes and automatic spending cuts. How will that affect your paycheck in 2013? Everyone will immediately start paying more into the Social Security trust fund because the payroll tax holiday enacted in 2010 will end. That means employees will contribute 6.2 percent of their income each paycheck instead of the 4.2 percent they paid in 2011 and 2012. Click here to read the article.
By now you've probably heard that if Congress doesn't act by the first of the year, the U.S. economy will go over a "fiscal cliff" of increased taxes and automatic spending cuts.
How will that affect your paycheck in 2013?
Everyone will immediately start paying more into the Social Security trust fund because the payroll tax holiday enacted in 2010 will end. That means employees will contribute 6.2 percent of their income each paycheck instead of the 4.2 percent they paid in 2011 and 2012.
Click here to read the article.