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Since Congress declined to extend the "payroll tax holiday” economic stimulus, which in 2011 and 2012 lowered employees' share of the Social Security payroll tax from 6.2% to 4.2%. That means starting Jan. 1, employers must resume withholding at the 6.2% rate.
I read that the 6.2% rate means employees earning $20,000 to $30,000 will pay an average of $406 more per year. Those with incomes of $50,000 to $75,000 will pay an average of $985 more, while those making $100,000 to $200,000 will pay an average of $1,991 more......do we want to be the one who wants to deliver the bads news up front or let them see it in the checks...