Your Paycheck Will Be Smaller Next Week
It's all but certain that payroll tax cut will expire Monday
By John Johnson,  Newser Staff
Posted Dec 29, 2012 12:04 PM CST
   (Shutterstock)

(Newser) – No matter what does or doesn't happen with this weekend's fiscal cliff negotiations, most Americans are going to see a smaller paycheck next week, reports the Wall Street Journal. That's because neither party is still talking about extending the 2-year-old payroll tax cut, which expires on Monday, reports the New York Times. As a result, the Social Security payroll tax will go back to 6.2% from the current 4.2%—meaning a household earning $50,000 a year will pay an additional $1,000 in taxes, or about 20 bucks a week.

 

My Take on This Story
Show results without voting  |  
4%
0%
64%
13%
2%
18%