Expect a smaller paycheck for 2013
Posted: 01/11/2013
CINCINNATI - As you receive your first paycheck of 2013, you'll notice a change in how much money you are taking home.
When members of Congress worked out a Fiscal Cliff deal they did not extend the reduction to the Social Security Tax. As of Jan. 1, that tax increased from 4.2 percent to 6.2 percent.
It is an increase you'll notice in your paycheck.
For example, the median household income in Cincinnati, according to the census, is $34,104. Under the new Social Security Tax structure, if you make that amount of money you'll pay an additional $682 this year.
Copyright 2013 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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