What a Payroll Tax Hike Would Cost You
January 2012
January 2012
Use this simple calculator to see how much you stand to lose if Congress fails to extend the payroll tax holiday past February 29, triggering a 2% tax increase on March 1. For details, read the related article Congress Returns to Battle Over Payroll Tax Cut.
2. How much of it do you contribute to flexible spending accounts (?) The part of your salary contributed to flex plans to reimburse child care and medical expenses escapes the payroll tax as well as the income tax. Since it's not taxed in the first place, this part of your salary doesn't benefit from the 2 percentage point cut in the payroll tax. for child care and medical expenses?
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