Monday, October 15, 2012

Why the Amount Taken Out for Your Payroll Tax Will Be Higher in 2013

The Social Security tax withholding rate is expected to return to 6.2% after two years at 4.2%. So far neither party has expressed much interest in another extension, reports WSJ.

For someone earning the 2011 median income of $50,054 that translates into $1,001.08 a year or about $40 less in a biweekly paycheck.

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