Taxes to Rise Despite Fiscal Cliff Deal
Most Americans will take home 2 percent less money this year due to a Social Security payroll tax increase.
Despite a fiscal cliff deal being reached, working Americans will see less money in their paychecks this year. A temporary reduction in the Social Security tax was not reinstated by the federal government, meaning our paychecks will shrink by 2 percent. “When Illinois changed their tax by 2 percent, people really didn’t notice it because Social Security taxes were lowered at the same time,” said accountant David Robbins with Nieminski Robbins and Associates Certified Public Accountants in South Barrington and Chicago. “Now the temporary lowering of the 2 percent is gone so people are going to see less take home pay.” Robbins explained that the first $113,000 of income is taxed under the Social Security payroll tax policy. This means that…
The Q
6:52 pm on Thursday, January 3, 2013
Never......tax and spend more ›