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

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Updated: 7:51 PM Dec 21, 2011 Payroll Tax Cut Debate. What $40 Can Do for You? If the Payroll Tax Cut is not extended, what it means for you? Posted: 7:47 PM Dec 21, 2011

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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.

Latest Comments

Posted by: Mike on Dec 23, 2011 at 10:14 AM

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millionaires and billionaires on all income received OVER their first million dollars and the GOP voted it DOWN as they no longer represent workers, only the millionaires.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!

Posted by: Mike on Dec 23, 2011 at 05:25 AM

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.

Posted by: Brian Location: Lynn Haven on Dec 22, 2011 at 12:05 PM

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.

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