The ripple effect of the paycheck tax reversion also Nike Air Max Tavas Essential Ebay
Although the increase will pump more money into a debt wracked government that was losing $120 billion a year with the lower tax rate, economists say the move could strip the economy of $115 billion in disposable income this year as people, particularly in the lower income brackets, cut back on spending.
could effect the social services sector.
The payroll tax funds Social Security. The pay in percentage was lowered a couple of years ago as an economic stimulus measure aimed at freeing up more spending money for Americans.
Part time Nike Air Max Tavas Size 6 Target employee Ryan Gehrke is taking a reasoned approach to having less money in his paycheck.
"Obviously, the less you make, the more it's going to hurt," said Mankato accountant Alex Swanson.
Area wage earners will be among 160 million Americans taking a 2 percent payroll tax hit in 2013 after Congress declined to extend the "payroll tax holiday" in effect the past two years.
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He said all employees will be privy to the information prior to the next payroll period in two weeks.
team members through a variety of channels" including emails and employee "huddles" with supervisors, said Target spokesperson Molly Snyder.
He said the pinch will be sharper for those who haven't received yearly cost of living raises that help mitigate effects of the higher tax.
in providing workers with information.
Although reversion of the payroll tax to pre 2010 levels was not unexpected, it's likely that most workers didn't have that on their radar.
"We've talked to some employees, but not all of them. We've just been waiting to see what would happen," said Lee Masters, accountant for Agristrand, a 48 employee Mankato building materials manufacturer.
The 2 percent hike means that a person earning $30,000 will receive nearly $600 less this year, someone making $50,000 will receive about $1,000 less, and someone earning $113,000 will take a $2,200 hit.
"Anytime you have less take home pay you're going to have to make accommodations. You have to roll with the punches. Basically, it's going to be the paycheck you had two years ago."
Attempt to pump up economy may deflate household budgets
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Many employers have or will take steps to give employees a heads up prior to the "surprise" in their first 2013 paychecks.
As a result, Americans this week are seeing a tax on their paychecks rise from 4.2 percent to 6.2 percent.
Blue Earth County Human Services Director Phil Claussen said some of the so called working poor heretofore ineligible for public assistance programs because they earned too much might now meet income eligibility guidelines.
The tax increase figures to hit hardest those living check to check who can ill afford the 2 percent setback.
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