Expect A Smaller Paycheck Thanks To Fiscal Cliff Deal
By: Alex de Leon
Updated: January 2, 2013
Washington, D.C. - The nation's top leaders reach a deal on the fiscal cliff crisis. But, it will mean a smaller paycheck for Americans.
Here's how it'll breakdown:
If you earn $30,000/year, you'll pay $50/month in taxes.
If you earn $50,000/year, you'll pay $83/month.
If you earn $115,000, you'll pay $190/month.
The payroll tax funds social security. The lower rate was costing the government $120 billion in tax revenue a year.
Here's how it'll breakdown:
If you earn $30,000/year, you'll pay $50/month in taxes.
If you earn $50,000/year, you'll pay $83/month.
If you earn $115,000, you'll pay $190/month.
The payroll tax funds social security. The lower rate was costing the government $120 billion in tax revenue a year.
