KKCO - News - Headlines
Posted: Fri 7:00 PM, Jan 04, 2013
Reporter: Suzanne Nogami Email
Updated: Fri 10:56 PM, Jan 04, 2013
What that 2% decrease in your paycheck is
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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