Posted in Politics

Falling off fiscal cliff could hit your next paycheck

   December 31, 2012

CNN has figured out that if no deal happens today the falling off the fiscal cliff will have a full impact for a few weeks.

The biggest immediate impact will be on Social Security taken out of your first 2013 paycheck. Workers will see 6.2 percent taken of their wages—up from the 4.2 percent that has been in effect for the past two years.

The federal income taxes will change, but it will take the IRS a few weeks to get out the new deduction tables. Any cuts in federal spending won’t be immediate either.

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