It's basically guaranteed that you'll be getting a pay cut next year12/30/2012
Did you have a nice holiday? Get a chance to decompress, and now you’re ready to head back to work after New Year’s? You’ll be so relaxed and refreshed that first workweek of 2013 might even seem shorter! Good thing, too, because you’re probably going to get paid less for your workweek than you were paid in 2012. No matter what else Democrats and Republicans are debating in the face of the good old fiscal cliff, there’s one thing they seem to agree on: ending the two-year payroll tax cut, meaning Social Security payroll tax will leap up to 6.2 percent from 4.2 percent. So if you make $50,000 that will shake out to about 20 bucks less a week. Uh oh, stressed again? [Source]
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How will you trim your budget if your taxes go up in 2013?