Here's why your paycheck is smaller - WALB.com, South Georgia News, Weather, Sports

Here's why your paycheck is smaller

ALBANY, GA (WALB) -

(RNN) – The simple answer is that the amount you pay to run Social Security went up by 2%.

Among the immediate changes to the tax code is the expiration of the Middle Class Tax Relief and Job Creation Act of 2012.

The act extended a Social Security payroll tax cut currently withheld from all paychecks and kept the tax rate at 4.2 percent.

The rate increased to 6.2 percent in 2013, withholding more money from each paycheck.

The nonpartisan Tax Policy Center calculates that about 77% of American households, even the low-income workers, are now paying more in federal taxes .

Households making between $40,000 and $50,000 will pay an average of $579, more in federal taxes in 2013, or $11 a week, according to the Washington, D.C. based center's analysis.

Copyright 2013 WALB.  All rights reserved.

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