Webcast: Pay Checks to Shrink Despite Fiscal Cliff Deal
By: Ron Rosseau and Monica Tassoni
Updated: January 2, 2013
Our pay-checks will be smaller in spite of the deal to keep the national economy from going over the fiscal cliff.
The two-year-old payroll tax holiday is over.
The deduction will be going up to 6.2 percent.
We've had two years with the payroll tax rate at 4.2 percent.
If you're making $30,000 a year, you'll pay about $50 more every month.
People who earn $50,000 will pay more than $80 more every month.
The payroll tax funds social security.
For more headlines and weather, watch the embedded webcast.
The two-year-old payroll tax holiday is over.
The deduction will be going up to 6.2 percent.
We've had two years with the payroll tax rate at 4.2 percent.
If you're making $30,000 a year, you'll pay about $50 more every month.
People who earn $50,000 will pay more than $80 more every month.
The payroll tax funds social security.
For more headlines and weather, watch the embedded webcast.
