Workers at every income level will see a small cut in their paychecks as a result of the tax package passed by Congress — about $822 a year for taxpayers earning between $50,000 and $75,000 a year.
The change, affecting the largest number of taxpayers, follows the expiration of a temporary 2 percent reduction in the Social Security payroll tax. President Obama had requested that the lower 4.2 percent rate be extended, but lawmakers declined.
Comments
The increase of 2% in payroll taxes will deduct $1,000 for soimeone earning $50,000 and $1,500 for someone earning $75,000 thst leads me to question the attributed tax impact prsented in this article. Please note that the payroll tax aka FICA is not deductible in the taxpayer's federal and limited to $2,400 in the state income tax.