How bad is the tax ‘bite’ out of your paycheck now?
A temporary cut in Social Security withholdings has given us hundreds of extra dollars to spend throughout the past two years.
However, this tax break has now expired and Social Security taxes have reverted back to 6.2 percent of our salary from the temporary 4.2 percent that it was during the tax break.
According to a Yahoo! Finance report, this cut in our paychecks “threatens to put a drag on economic growth.”
What is this going to mean for you and/or your family? (I’d love to hear your comments! You can post them on our Facebook page — you don’t have to be a member of Facebook to view the page — at www.Facebook.com/BetterRoadsmagazine.)
To lighten the mood a little and give you a little music to jam to this morning, here’s Donna Summer’s video, “She Works Hard for the Money.”
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