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Why is My Paycheck Less This Week?

January 07, 2013 J

Remember when President Obama said that middle classes taxes won’t go up? Have you looked at your first paycheck for 2013?

You may have seen that the amount you receive is noticably smaller.  Obamas latest “fix” did not extend the payroll tax holiday so the employee Social Security tax rate has gone up from 4.2% to 6.2% up to the taxable wage limit of $113,700. As a result a worker earning $50,000 per year will now see $1,000 less in their net take home pay as compared to 2012.

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