The past two years the payroll tax rate was reduced to 4.2 due to the stimulus package but at the end of 2012 those provisions expired. Returning the rate back to 6.2 percent. According to Christine Cardenas, the co-owner of Affordable Insurance and Tax Service, for the average stateliner, that could mean an additional 30-50 dollar hit per paycheck; adding up to a possible 1000 dollars decrease in take home pay per year.
But Stateliner who were already financially strapped are saying that these further deductions could be devastating. Dee Edgerton a mother who is already working two jobs said shes not "really sure where I'll get that extra money from" adding that she'll have to curt corners like "turning the heat down a little more, turning off a few extra lights, and cutting of a few more cable services". A predicament many Americans are finding themselves in. But Christine Cardenas says the way to make it through these tough times is to "budget, budget, budget" citing that if you can map out your finances then you can see more easily where you can make adjustments.
Affordable Insurance and Tax service: (815) 394-1800