Wondering Why Your Pay has Gone Up?
If you are wondering why there is a little more in your paycheck without a raise, then you are not alone. The tax codes have changed resulting in a small boost to their wages starting on January 1, 2011. Due to the tax law passed last year, the Social Security payroll tax was cut by two percent for 2011 which means that most workers are only paying 4.2% of their paycheck instead of 6.2% in Social Security this year. Self-employed individuals are only paying 10.4% instead of 12.4% of their income. Make the most of this small increase in pay by putting the extra earnings into a 401(k) or individual retirement account.
To read more on this article, visit Why Your Pay Has Gone Up?
If you have any questions or would like more information, please contact Wood, Atter & Wolf, P.A., in Jacksonville and Ponte Vedra Beach, Florida.
