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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