By marfdrat on January 3, 2013
Well, most of you. And, the less you make, the more it will hurt. The payroll tax reduction, which -as part of the stimulus- took the rate from 6.2% to 4.2%, has expired. This tax affects everybody, but it has a cap – so people who make a lot of money only pay it on the first $113,700 of earnings.
By marfdrat on October 22, 2012
Are you aware that the federal Social Security Payroll Tax is scheduled to increase in 2013? Not many people are. The tax was reduced temporarily for 2011 and 2012, but Congress will probably let the reduction expire.