Neighbors,
Please be reminded that everyone's taxes will still go up even though the Fiscal Cliff was avoided last night. There was an expiration of the Payroll Tax Holiday (the tax taken out for social security) which had been reduced to 4.2% for the last two years. This rate will now go back up to 6.2%. On an average of $50,000. this will be an additional cost of around $1,000.00 a year. Now for those who make a little more the maximum that can be taxed at this level is $110,000.00 and the maximum that one can expect to pay is around $2,200.00 per year. Depending on how you are paid (monthly, bi-weekly, bi-monthly) that is an average around $80 a month for those making $50k or so a year and nearly $180 a month for the highest level.
Please budget and plan accordingly.
Eric J. Jones, MSF
ejjones.threed@gmail.com
"I for one believe that if you give people a thorough understanding of what confronts them and the basic causes that produce it, they'll create their own program, and when the people create a program, you get action."
El Haj Malik El Shabazz --
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