The “fiscal cliff” fix didn’t solve all your problems.
The payroll-tax holiday wasn’t extended and will expire on Monday. That means everyone will be getting 6.2 percent less of their paycheck instead of 4.2 percent.
But, how much will you be losing exactly?
The Wall Street Journal has a simple calculator that can determine, based on your annual pretax income, how much more payroll taxes are withheld in 2013
For example, workers making $50,000 in annual pretax income will be losing an additional $1,000 this year.
The end of the tax holiday means the highest tax burdens since 2008 for most households, according to the Wall Street Journal.
The “payroll tax holiday” was started in 2011 and renewed again this year, according to CNBC. The revenue was used to pay for services like Social Security and Medicare.
Politicians are beginning to realize the impact of losing revenue from payroll taxes.
"The payroll tax holiday was intended to be temporary and there is strong bipartisan support to let that tax provision expire," Sen. Orrin Hatch of Utah, told CNBC. "The continued extension of a temporary payroll tax holiday has serious long-term implications for Social Security and, frankly, it's not even clear that it has helped to boost our ailing economy."
EMAIL: [email protected]