Did Your Paycheck Shrink This Year?
Did you notice the higher taxes you're now paying?
Remember the fiscal cliff?
Part of the battle between President Obama and the Republican House included whether employees' share of the temporary FICA 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, employees' share of FICA tax is 6.2 percent, up from the 4.2 percent average that 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?