The Payroll Tax Holiday!
You may have noticed that over the last 3 years, paychecks have been 2% larger. In 2010, the Social Security tax was decreased from 6.2% to 4.2% This added 2% to paychecks across the country. That is $1,000 for families earning $50k per year and $2,000 for families earning $100k per year.
This reduction in payroll tax is set to expire on December 31, 2012. Listen up over the next few days because this could mean a 2% salary reduction which equates to about $25-$100 per paycheck!
If you have tax related questions or questions surrounding the fiscal cliff, call BeanCounters Tax & Accounting Service. BeanCounters is a full service CPA firm located in McMurray PA in the South Hills of Pittsburgh. BeanCounters specializes in tax preparation for small business and individuals