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Your paycheck may have been bigger this month! Do you know why?
As part of the tax deal passed on December 17, 2010, the amount each employee pays in social security tax was temporarily reduced from 6.2 to 4.2 percent. That equates to a 2% raise for the year! Not that much you think--well lets break it down.
| $ Annual Earnings | Monthly Tax Break | Annual Tax Break |
| $25,000 | $41.67 | $500.00 |
| $40,000 | $66.67 | $800.00 |
| $90,000 | $150.00 | $1,800.00 |
While not every worker pays federal income tax, there are very few working people who don't pay social security tax. Since it applies to wages, this tax cut will impact almost every taxpaying household in the US.
Important Dates
- 05/21/12 (All day) - TN Sales Tax Due
- 05/28/12 (All day) - Memorial Day- Bank Holiday
- 06/01/12 (All day) - Professional Privilege Tax Due