Tax Payers are Bringing Home Smaller Paychecks in 2013
By: Sabrina Ahmed
A new year means smaller paychecks. Tax payers have mixed feelings as the social security costs go back to what we paid a few years ago.
“I thought I was gonna be good with it when it happened. Now, it's hurting a little bit more,” Kyle Deterding said.
As a part of the fiscal cliff deal at the beginning of the year, law makers decided not to extend the social security cut that tax payers have had since 2011.
While it's not an actual tax increase, a lot of people were used to that extra cushion. But there are some people who think it's for the better.
“I'm not concerned about the increase in percentage of money coming out of my paycheck for social security because it helps people and that's the way things go,” Bill Kluck said.
With the social security cut gone, a person who makes $50,000 now pays an additional $1,000 a year. That comes out to a little less than $20 a week.
This change isn't the only one some are seeing on their pay stubs. Many insurance premiums have gone up, too.
When we asked people on facebook how they feel about a smaller income, views responded.
“Between the higher insurance costs and the higher taxes, my husband's check is 50 dollars lower per week!”
“I would imagine most people have noticed. I'm not thrilled, but it's not much of a big deal.”
Many people feel the same way.
“Really didn't notice a difference,” Nick Hernandez said.
“They're on the edge. Whatever does help them, I'm all for it.”
Again, this is not an increase in social security. This is just reverting back to what we paid a few years ago.