Brought to you by WBIW News and Network Indiana
Last updated on Friday, January 4, 2013
(UNDATED) - Despite the agreement on the so-called “fiscal cliff,” your taxes are going up… if you collect a paycheck.
The rate of workers' payroll taxes, which fund Social Security, has been 4.2 percent for the past two years. As of yesterday, it went back up to 6.2 percent, on the first $113,700 in wages.
Workers earning the national average salary of $41,000 will receive $32 less on every biweekly paycheck. The higher the salary (up to $113,700), the bigger the bite, but business owners say their lower wage employees will feel it most.
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