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Noticed a Decrease In Your First 2013 Paycheck?

By Hudson Horizons (86 words)
Posted in Blog on September 03, 2013

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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 no longer have these withholdings. 

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