Have you been listening to the chatter lately about the "Payroll Tax" or better known as the Social Security Tax?
Social Security is funded by a 12.4% tax on wages up to $110,100.
Half is paid by employers and the other half is paid by workers.
For 2011 and 2012, Congress and Obama cut the share paid by workers from 6.2% to 4.2%.
Starting on January 1, the tax credit expired and workers are now back to paying the 6.2%.
Did you notice the difference on your paycheck?
I knew about the tax credit expiring, but did not notice a difference on my check. We received a $10.00 per day raise at the start of the school year, so I've been happy with my paycheck all this time. Perhaps those that had a bigger difference taken out of their paychecks feel differently, which is understandable. I've seen a lot of articles written with sympathy towards workers.
Do you think workers have gotten used to spending the extra 2% and are now feeling the pain of having it taken out of their checks again?
What do you think?
Belinda
© Belinda Richardson and Frugal Workshop, 2011-2013.
“Use it up, wear it out, make it do, do without”
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