POLL: Did Your Paycheck Shrink This Year?
January 15 will be the first paycheck of 2013 for many workers. Did you notice the higher taxes you're now paying?
In 2013, the 15th of January isn't just halfway through the first month of the year. For many people who are paid twice a month, the 15th will be their first paycheck of the New Year - and the first check they've gotten since the end of the FICA tax holiday. Remember the Fiscal Cliff? Part of the battle between President Obama and the Republican Congress included whether the employee's share of that temporary tax reduction would be allowed to lapse, and thus hike taxes on middle-class workers. The Fiscal Cliff resolution wound up including the expiration of a 2 percent Social Security temporary tax reduction, the result of which is now reflected in everyone's paycheck. Now, the employee's share of FICA tax is 6.2 percent, up from the 4.2 …
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4:25 am on Saturday, May 11, 2013
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