Check Your Pay. Social Security Changes are Here! – Know your new take-home pay
The temporary tax cut in Social Security expires at the end of the year. What will your employer do? You had better check. When you receive your initial paycheck for 2013 you had better take a close look to see what the payroll department has done with your pay. If you do not, you may be in for a big tax bite at the end of the year. Background For years the Social Security tax was set at 12.4% of your earnings. 6.2% of the obligation was paid by your employer. The other 6.2% was paid by you, the employee.