Suwannee Democrat

Suwannee Democrat

January 15, 2013

Payroll tax hike hits home

Locals share their thoughts on smaller paychecks

Live Oak — A Social Security tax break that was extended to Americans is officially over. The two percent tax break expired in January at the wishes of the US Congress.

Many Americans who received their first paycheck of 2013 will see a rise in their social security tax from 4.2 percent to 6.2 percent.

Individuals earning $30,000 per year will be giving $600 to the government. Those who make $50,000 will receive about $1,000 less than last year. Citizens who make $100,000 will see nearly $2,000 less than last year’s income.

“The increase for me was small,” said James Sutter, employee at North Florida Printing Company. “I’m hopeful that when I get that age that I’ll be able to get Social Security. But who knows, that’s a long time from now.”

The cut in Social Security tax was made a couple of years ago as an economic stimulus effort to put more money back in the pockets of spenders. In the midst of unstable gas prices and the cost of living constantly rising, more government taxes is a hard pill to swallow.

“I don’t think it’s right,” said Sylvia Newell, a self-employed realtor. “It’s outrageous. And they’re thinking about raising the age of Social Security eligibility. I just think it’s wrong.”

The increase in Social Security tax came as a result of the fiscal cliff.

“I knew it was inevitable. I knew it was coming,” Irvin Dees said. “With the way our Congress is, they have a hard time working things out. It’s a shame but that’s the way it is.”

 

1
Text Only
Suwannee Democrat
Business Marquee
AP Video
Raw: More Than 100,000 Gather for Easter Sunday Raw: Greeks Celebrate Easter With "Rocket War" Police Question Captain, Crew on Ferry Disaster Raw: Orthodox Christians Observe Easter Rite Ceremony Marks 19th Anniversary of OKC Bombing Raw: Four French Journalists Freed From Syria Raw: Massive 7.2 Earthquake Rocks Mexico Captain of Sunken SKorean Ferry Arrested Raw: Fire Destroys 3 N.J. Beachfront Homes Raw: Pope Presides Over Good Friday Mass Raw: Space X Launches to Space Station Superheroes Descend on Capitol Mall Man Charged in Kansas City Highway Shootings Obama Awards Navy Football Trophy Anti-semitic Leaflets Posted in Eastern Ukraine Raw: Magnitude-7.2 Earthquake Shakes Mexico City Ceremony at MIT Remembers One of Boston's Finest Raw: Students Hurt in Colo. School Bus Crash Deadly Avalanche Sweeps Slopes of Mount Everest
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Twitter Updates
Suwannee Democrat on Facebook
Video
Poll

Do you think the city of Live Oak should have a city-manager form of government or leave it as a city-administrator form of government?

Change to a city-manager.
Keep it as city-administrator.
Don’t care either way.
What are you talking about?
     View Results