How bad is the tax 'bite' out of your paycheck now?
Tina Grady Barbaccia | January 14, 2013
A temporary cut in Social Security withholdings has give us hundreds of extra dollars to spend throughout the past two years.
However, this tax break has now expired and Social Security taxes have reverted back to 6.2 percent of our salary from the temporary 4.2 percent that it was during the tax break.
According to a Yahoo! Finance report, this cut in our paychecks “threatens to put a drag on economic growth.”
What is this going to mean for you and/or your family? (I’d love to hear your comments! You can post them on our Facebook page – you don’t have to be a member of Facebook to view the page – at www.Facebook.com/BetterRoadsmagazine.)
To lighten the mood a little and give you a little music to jam to on a Monday morning, here’s Donna Summer’s video, “She Works Hard for the Money.”
MORE FROM The Roadologist
- Congress passes spending bill; cuts billions from federal construction accounts555 Views
- Maintaining America’s most historic tourist routes530 Views
- Tappan Zee bridge construction shut down after silos collapse489 Views
- Last second Christmas gift ideas for highway and bridge construction workers138 Views
- With no plans to raise gas tax, Alabama will rely on 2015 bond issue for road projects75 Views