The holiday is over for payroll taxes

By WEEK Reporter

January 4, 2013 Updated Jan 7, 2013 at 2:51 PM CDT

WASHINGTON, D.C. -- If you received your first paycheck of 2013, you may have noticed that the Federal Government took a little more than usual.

That is because the two-year Payroll Tax holiday is over.

The end of the tax break means higher taxes for all wage earners.

In 2009, the Social Security Payroll Tax was temporarily decreased to 4.2 percent... Monday that rate went back up to 6.2 percent.

So if you're making $30,000 a year, you'll pay about $50 more a month in taxes.

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