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Joe Marconi

Increase in Social Security Affects staff and customers

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It might be a good idea to create a memo about the rise in social security taken out of everyone’s pay and give it to your employees. Many people may not realize what the increase is and how it will affect their take-home pay. Social security tax is now 6.2%, up from 4.2%.

 

That means a family that earns $50,000 a year, will see an extra $1,000 deducted from their paychecks this year. That comes to an extra $40 a paycheck. Less take home pay means less money spent in the economy too, so we all need to see how this plays out for business.

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