Payroll Tax Cut Debate. What $40 Can Do for You?

If the Payroll Tax Cut is not extended, what it means for you?

According to the law, if Congress does not pass a payroll tax cut extension, taxes will go up 2% come 2012. That means, 160 million Americans will see their paychecks reduced.

If you earn $50,000 a year, you'll see $40 less per week.

On an annual scale, if you make $35,000 a year, you'll pay $700 in taxes.
Earning $90,000 a year, you'll pay $1,800 in taxes.
Earning $110,100 and up, you'll pay $2,341 in taxes.

WJHG wants to know, what can you do with $40? Comment below and join the conversation.


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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by Brian Location: Lynn Haven on Dec 22, 2011 at 10:05 AM
    Hey, glad I can do my part to make sure we can still afford to keep able people on welfare, and the working people (like myself) with less money in our pockets. Lets stop asking what the Government can do for us....what can we do for the Government! WOOO Lets raise taxes! *sigh*....the working class loses again.
  • by Rob Location: PCB on Dec 22, 2011 at 07:25 AM
    Well said Leeza! Bill, please re-read your post please. It contradicts itself in 2 perhaps 3 places. I'll let you find which places. Thanks!
  • by Bill Location: Lynn Haven on Dec 22, 2011 at 07:23 AM
    The .4% is a typo.My position is still the same."A bird in the hand is worth two in the bush"Pass the two month extension and then you have two months to tweek it.
  • by Bob Location: Panama City Beach on Dec 22, 2011 at 07:17 AM
    It's a shell game on a ponzi scheme. Try tax reform.
  • by Mike Location: pc on Dec 22, 2011 at 06:13 AM
    Almost the entire House GOP, including Sutherland, voted against the middle class and poor and is going to RAISE their taxes in 10 days, yet the GOP gives millionaires TAX CUTS? The GOP no longer represents us but only millionaires. The GOP even included CUTTING unemployment insurance from 99 weeks to 59 weeks and forcing MANDATORY drug test and you have to show a diploma or GED just to get YOUR unemployment insurance check that you and your employer paid for! I'm done with the GOP!
  • by Bill Location: Lynn Haven on Dec 21, 2011 at 08:37 PM
    Here are the FACTS(No spin).Had the House passed the two month extension,my next four paycheck would have the same FICA witheld as I am seeing today.My employeer would also benefit by not paying an extra 2.4% FICA witholding for each of his employees for two months.Thanks to the House Republicans(The same people who signed Grover's pledge),my taxes and my employers taxes will increase in 11 days!Here is a novel idea,pass the two month deal and vote again in two months!I realize how hard voting twice can be,but this is what you are being paid to do!!!!Stop playing politics with my paycheck!!
    • reply
      by Mike on Dec 23, 2011 at 03:25 AM in reply to Bill
      Employers rate of fica stays at .062 % employees reduce from .062 to .042 a reduction of 2 percent. this is a reduction in the employee contribution to social security it equals 2.00 per hundred so to get a 40.00 a week increase in your pay you have to be earning 2,000 per week. The spin from the Obama admin is that everyone gets 40 bucks not true. Most wont even get 20 and the funding for social security is now reduced. Remember when privatatizing social security was presented by Bush (that did not go over to good) But here this looks the same people should save the difference in their private retirement funds. Again we are being misled... this is not a tax cut but a defunding of social security.
      • reply
        by Mike on Dec 23, 2011 at 08:14 AM in reply to Mike
        Mike, the GOP did this underfunding of Social Security to pay for it! Obama, and the Democrats wanted to pay for it with a surcharge tax of 1% on millionaires and billionaires on all income received OVER their first million dollars and the GOP voted it DOWN as they no longer represent workers, only the millionaires. These so called JOB CREATORS do not CREATE jobs! 47% of Walmart employees are paid so low they collect FOOD STAMPS, that we all pay for! Yet the Walton's have 88 billion!
  • by Leeza Location: Panama City on Dec 21, 2011 at 07:19 PM
    Let's be clear about the 2 percent tax increase if the payroll tax cut is not extended. First, the 2 percent increase only affects the tax rate increase in social security taxes paid each pay period. Second, when a taxpayer's social security tax rate increases, the same tax rate increase is also levied upon an individual's employer. Therefore, if you work for Company A, Company A will see an increase in the amount of social security tax withheld for each and every employee of Company A. This is in addition to the 2 percent social security tax increase an employee of Company A would see for each and every pay period. As you can clearly see, not only does an employee's social security taxes increase by 2 percent but also the same social security tax increase is levied upon the employer too. Therefore, extending the payroll tax cut for only 2 months as the Obama administration and Senate Democrats want is pure, unadulterated bovine scatology dressed up to smell like tea roses.
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