By Hudson Horizons, Posted in Blog
Noticed a decrease in your first 2013 paycheck?2 Reasons for this:The temporary reduction of employee social security rates from 2011-2012 of 4.2% expired and returned back to the 6.2% rate. Social security effects all taxpayers, not just high income earners.States with unemployment/disability/family leave insurance are typically only taken out on in the beginning of the tax year due to wage limits on these taxes. For example, NJ taxes your first $30,900 in wages. Once you make above that amount, you will n... read more.