Fiscal Cliff: Your Payroll Taxes are going up! (Yes, You)

In 2013, your payroll taxes are going up! One tax provision that was not addressed in the "fiscal cliff deal" was the expiration of the "payroll tax holiday." Under that temporary cut, employee's share of the payroll tax that funds social security was reduced to 4.2% from 6.2%. This cut was not continued.

Therefore, every American wage earning family will find their next paycheck lower. The Wall Street Journal calculates that this will result in additional payroll taxes of $1,000.00 per year for a U.S. family earning $50,000.00 a year.

For additional information on the payroll tax:

Payroll taxes, going up!

Payroll Tax & Social Security: troubling numbers...

2010 Federal Revenue Sources: a surprising amount came from payroll taxes.