• Employees 2013 paychecks could be lighter due to new taxes

    January 09, 2013 No comments

    You may notice your first paycheck of 2013 is smaller than expected. That’s because some taxes are taking a bigger chunk out of your earnings.

    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 $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.

    Posted by in Local News

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