Inside Long Island Business
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Poll: How will you deal with the federal payroll tax increase?
Photo credit: iStock
The fiscal cliff deal reached by Congress and the Obama administration did not affect the expiration of a temporary reduction in Social Security payroll taxes.
Last year, the 2 percentage-point temporary cut in federal payroll taxes was worth about $1,000 to a worker making $50,000 a year. Employees will see the tax increase from 4.2 percent last year to 6.2 percent in their 2013 paychecks.
How...
