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$822 Less for Taxpayers Earning $50K to $75K

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  • Description

    FBN's Peter Barnes breaks down how the fiscal cliff impacts your bottom line.

  • Duration 1:34
  • Date

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Markets now but here is one of the big reports you to -- throughout the day.

On the Fox Business Network that really matters to me you know that the fiscal -- deal was hammered out last night you probably heard a lot about the politics.

But do you know that your taxes are most likely going up anyway Peter Barnes is on it.

He's back with more of his detailed reporting on what the deal means this time how it affects you if you make between fifty and 75000 dollars a year ago -- Peter.

Abstract kind of -- look at how bunch of these new taxes are hitting taxpayers starting this year including from this week's tax bill first thing come level.

Fifty to 75000.

According to the Tax Policy Center taxpayers making this amount this year.

We'll pay an additional 822.

Dollars in federal taxes than they paid last year now the main thing hitting this -- income group.

Is the expiration of the payroll tax cut that congress and the president agreed on for the last two years it was not extended by congress neither side wanted to do that and that means you're gonna be paying an extra two percentage points towards your Social Security taxes it had been reduced from six point 2% for -- each employee to four point 2% putting about a thousand dollars in the pockets of an average job middle class spamming average person making 50000 a year or so.

That has gone away so you what you would expect to see their taxes go up by about that amount and according that Tax Policy Center that's about that not lose a little over 800 dollars column very helpful Peter Peter Barnes in DC and he's coming back later on markets now to look at -- higher income right 75 to a 100000 and so on and so forth.

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