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IPFS News Link • TAXES: Federal

15 Ways To Cope With Higher Taxes After The Fiscal Cliff Deal

• Business Insider

That’s because the “fiscal cliff” bill didn’t extend the 2 percent Social Security tax holiday we’ve had since 2009.

The payroll tax now returns to the more traditional 6.2 percent, up from the 4.2 percent we’ve been paying.

As a result, if you earn $50,000 annually, you’ll see $1,000 more withheld from your paycheck this year – about $80 a month.
If you earn $113,700 or more (the max income you pay Social Security taxes on), you’ll take home $2,274 less – close to $200 monthly.