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Did Your Paycheck Shrink This Year?

January 15 will be the first paycheck of 2013 for many workers. Did you notice the higher taxes you're now paying?

This year, the 15th of January isn't just halfway through the first month of the year. For many people who are paid twice a month, the 15th will be their first paycheck of the New Year - and the first check they've gotten since the end of the FICA tax holiday.

Remember the Fiscal Cliff? Part of the battle between President Obama and the Republican Congress included whether the employee's share of that temporary tax reduction would be allowed to lapse, and thus hike taxes on middle-class workers.

The Fiscal Cliff resolution wound up including the expiration of a 2 percent Social Security temporary tax reduction, the result of which is now reflected in everyone's paycheck.

Now, the employee's share of FICA tax is 6.2 percent, up from the 4.2 percent average, middle class folks were paying before the end of the tax reduction.

Have you been paid yet this year? Have you noticed less in your take-home pay? What do you think about it?

Tell us what your first thought was when you looked at your paycheck. 

Natalie R. Krauser McCarthy January 18, 2013 at 06:17 PM
Over the course of the year, my paycheck will be over $1,500 LESS than last year. Thanks Obama for stripping me of my money and giving it to someone who doesn't hold a job.
Fazio, Mannuzza, Roche, Tankel, LaPilusa, LLC January 22, 2013 at 07:21 PM
Want to find out what you can do to protect your money? Visit our website www.fmrtl.com or give us a call at 908-272-6200. We are here to help.

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