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How Will the Fiscal Cliff Tax Deal Affect Your Paycheck?

On January 1st, 2013 Congress passed what is now being called the Fiscal Cliff Compromise, legislation extending much of the Bush-era tax cuts for the majority of Americans. In payroll, as a result of this deal, increases in withholding percentages will directly affect your take-home pay for 2013. To see the increase in the amount of federal tax that will come out of your paycheck in 2013, select the filing status from your Form W-4 (single or married) and the number of federal allowances you claim. Hover your mouse over the bar that corresponds to your approximate income level. Check the summary bar above the graph to see the impact the fiscal cliff deal has on your federal taxes for the new year.

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    Important Note on Calculator: The calculators on this website are provided by Symmetry Software and are designed to provide general guidance and estimates. These calculators should not be relied upon for accuracy, such as to calculate exact taxes, payroll or other financial data. Neither these calculators nor the providers and affiliates thereof are providing tax or legal advice. You should refer to a professional adviser or accountant regarding any specific requirements or concerns.
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