What that 2% decrease in your paycheck is

By: Suzanne Nogami Email
By: Suzanne Nogami Email

GRAND JUNCTION, Colo. (KKCO) – Today marks the first Friday of the New Year, which means it's payday for some companies.

If you take a look at your paystub, you'll see a few differences.

The biggest difference is your Social Security tax.

The rate went up from last year's 4.2% to 6.2%.

Two years ago, a law passed that lowered the social security tax.

But that expired on December 31st 2012, raising the tax to 6.2% again.

"They're getting less money in their paycheck everyday so, in essence, they have a 2% reduction in their take home pay," said Angela Hildebrand, the owner of Auto Paychecks.


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