Included in that fiscal cliff bill (the one that actually passed) was a legitimate tax increase: the expiration of a payroll tax cut that went into effect in 2010 and was renewed in December 2011?and again in February 2012. Since it wasn't renewed this time around, the tax (which funds Social Security) went up two percentage points, from 4.2 to 6.2 percent. According to WonkBlog's Neil Irwin, who crunched the numbers,?that means the average private-sector paycheck ? $818.69 paid every fortnight ? will go down by $32.75, or about $850 for the entire year.
Source: http://news.yahoo.com/most-blinged-iphone-cases-headphones-spotted-ces-2013-203020822.html
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