U.S. Payroll Tax Will Be Higher in 2013
"The Social Security tax withholding rate is expected to return to 6.2% after two years at 4.2%. So far neither party has expressed much interest in another extension, reports WSJ. For someone earning the 2011 median income of $50,054 that translates into $1,001.08 a year or about $40 less in a biweekly paycheck. Below is a WSJ Calculator that will tell you how much more you will pay in taxes." Continue reading →