All workers will pay higher taxes in 2013 - | WBTV Charlotte

All workers will pay higher taxes in 2013


While the middle class may have avoided income tax hikes during the fiscal cliff dealings in Washington, most American workers' paychecks will be smaller this year than last.

That's because the payroll tax holiday is expiring. The tax holiday was a two percent cut in Social Security taxes passed in Washington a few years ago to help boost the economy by putting more money in Americans' pockets.

Now it's time to give that money back to Social Security.

The paycheck you get four weeks from now will likely be less than what you're accustomed to getting.

"That's going to be my 2013," said Tennell Robinson, a Charlottean who explained what her New Year's resolution will be. "Save, save and save again."

"Wow," said Charlotte worker Kim Singletary. "It does concern me now that I'm going to have to be paying an extra $1000 in taxes."

Here's the rundown: if you make $35,000 a year, you'll pay an extra $700 in payroll taxes. Make 50 grand a year? You'll pony up an additional $1,000. If you earn $75,000 a year, you'll fork over $1,5000 more to Social Security this year.

Ginny Mullis took a leave of absence from her job to care for her elderly parents.

"That's a lot of money," she said.

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