What Happened to My Paycheck?

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What Happened to My Paycheck?

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By Barbara Sharp, Reporter - email

If you're wondering why your paychecks are smaller, it has nothing to do with the fiscal cliff. According to a tax expert, your paycheck is lower because of a tax break that wasn't extended.

Carlene Shilling, Tax Partner at Eide Bailly, explains "your paycheck is lower, because Social Security tax increased by two percent, effective January 1 of 2013. Congress chose not to extend the provision that was enacted in 2010 that was effective for 2011 and 2012. So nobody had to do anything. The tax holiday was set to expire. Congress simply let it expire."

This means for each $1,000 you earn in gross pay, your paycheck will be $20 less.

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