Effective January 1, the Social Security tax rate increased from 4.2% to 6.2% for all wage earners on earnings up to $113,700. This rate change will appear on your first paycheck in 2013. Also effective January 1, an additional Medicare tax will be withheld from a subset of wage earners.
In case you were wondering, that means that for every 10 bucks AN HOUR that you earn, you are going to give the government TWENTY CENTS more than you did last year!
If you make 10 bucks an hour, you are now giving the feds an EXTRA 416 bucks! Thanks everyone! Thanks for working a WHOLE WEEK just to pay Social Security, but I’m sure you don’t mind, you worked TWO weeks LAST year to pay into it last year, we just slapped on another WEEK!
By the way, since we all know the government cares about the poor, if you make minimum wage, (7.25 here in LA) you are giving up 14 and a half cents per hour, or if you prefer, 301.60, thats right- lets hear it for the poor guys working McDonalds giving up an EXTRA THREE HUNDRED McDOUBLES!!
Tiny URL for this post: