If the Bush tax cuts are allowed to expire by the end of this year, your take home pay will be less. Payroll taxes withheld for Social Security, currently at 4.2% of your gross income will return to 6.2%.
What is right for you?
1) more dollars for your take home pay or
2) a tax refund in the following year?
It might be a good idea to revisit the W-4 with your employer. The more allowances you claim on your W-4, the less income tax will be withheld.
More information here http://www.irs.gov/Individuals/Employees/Tax-Withholding
http://www.viacompass.com
About Me
- zoni
- I'm your next door neighbor with serious concerns about our America. Most people have been silent about things that matter because they do not have the facts. This blog's mission is to educate you about the issues that impact your financial security, your health and your values. In the words of Dr. Martin Luther King, "Our lives begin to end, the day we become silent about things that matter". Speak the truth. Be empowered and stand on the facts. Rise in righteous indignation and together we can effect the change to take back America.
