Return of the Payroll Tax

For most of us, this will come from the expiration of a two-year payroll tax "holiday", which knocked two percent off your Social Security payroll tax. For most of us, this will come from the expiration of a two-year payroll tax "holiday", which knocked two percent off your Social Security payroll tax. The last-minute 'fiscal cliff' deal will raise the average American household's tax bill by $1,250 this year, or about $25 a week. Without a deal, taxes would have jumped by more than $500 billion in 2013 as almost every tax cut enacted since 2001 was set to expire. That would have cost the average household almost $3,500 per year, or about $67 a week.

Team PaycheckCityJan 28, 2013

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