Thursday, January 3, 2013

Payroll taxes rises to 6.2%

Everyone's paycheck is about to take a hit, and it's not the boss' fault. But some business owners say it's a tough talk to have.
 
The rate of workers' payroll taxes, which fund Social Security, has been 4.2% for the past two years. As of Jan. 1, it's back to 6.2%, on the first $113,700 in wages.
 
That forced Mike Brey, who owns four Hobby Works shops near Washington, D.C., to notify his store managers about the upcoming change during a conference call Monday. He called the experience uncomfortable. "These are the people who can least afford it," Brey said.  POST

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