Poll: How will you deal with the federal payroll tax increase?
If there is a mistake on an employee's tax withholding statement from a company, there are ways to fix it when filing a tax report. 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 will you manage with the tax increase? Vote and leave a comment. Voting results and a selection of comments will appear in next Sunday's business section.
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