Will Your Paycheck Fall Over the Fiscal Cliff?

The fiscal cliff is a collection of Federal tax and spending changes that will affect the tax liability of nearly every single one of the 160 million wage earners in America. In payroll, potential increases in withholding percentages and the number of allowances claimed for tax situations will directly affect an individual's take-home pay. Tom Reahard, founder and CEO of Symmetry Software states that, "Regardless of how Congress acts, Americans will see a drastic increase in tax withholding, causing a decrease in take-home pay."

Will Your Paycheck Fall Over the Fiscal Cliff?

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