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Editor’s note: Lawyer and car-buying expert Adam Goldfein fills in for Clark Howard Monday the 19th – Wednesday the 21st of this week. Below is a summary of some of what he discussed. Visit AdamGoldfein.com for more information.
With the fiasco surrounding extending the payroll tax cut, it’s easy to lose sight of what it all means to you. Adam Goldfein has the numbers to put it in perspective in your life.
The payroll tax cut impacts what shows up in your paycheck. In short, it helps you the more money you make.
Right now, you pay 4.2% on the first $106,800 you make. Next year, that cap is being raised to $110,100. (Editor’s note: President Obama signed a two-month payroll tax cut extension through February 2012 into law two days after this segment aired.)
Should the tax go back to 6.2% sometime in 2012, here’s what it means to you:
This post was last modified on March 22, 2017 2:27 pm
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