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Dealing with Smaller Take-Home Pay after Fiscal Cliff

With the expiration of the payroll tax cuts, the majority of workers will be facing smaller amounts of take home pay starting this month. Nearly three-quarters of American households will have smaller paychecks this year because in the fiscal cliff legislation Congress chose not to extend the 2 percentage-point payroll tax holiday that has been in effect for two years. That means someone who earns $50,000 will take home about $1,000 less. “