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NM to see social security tax increase
Updated: Wednesday, 02 Jan 2013, 1:57 PM MST
Published : Wednesday, 02 Jan 2013, 12:29 PM MST
ALBUQUERQUE (KRQE) - President Obama is expected to sign a bill that will keep across-the-board tax hikes from hitting taxpayer’s wallets , but most people are still going to see less take-home pay.
All workers can expect to pay two percent more in social security taxes this year.
That's because the measure passed by congress does not extend the social security tax cut that we've had the past two years.
So the payroll tax will rise from 4.2 percent to 6.2 percent.
People making $50,000 a year will see about a thousand dollars more out their paycheck.
“One way to offset some of this is to continue to fund your retirement accounts...that's one way to decrease your liabilities,” financial planner, Brian Cochran, said.
It is estimated that 77 percent of American households will face these higher federal taxes in 2013 under this agreement
That tax increase went into effect Tuesday.
It is expected to bring in about $120 billion in revenue each year.
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