Smaller Paychecks In 2013 - KTEN.com - No One Gets You Closer

Smaller Paychecks In 2013

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DENISON, TX--- Payday is usually a day everyone looks forward to, but for the majority of us, the first few pay checks of 2013 have been a bit of a disappointment.

The Social Security payroll taxes reverted back to the 2010 tax rates on January 1st, meaning 2% more is coming out of paychecks for Social Security.  This means that the average American, making $50,000 a year, will see an additional $1,200 taken out of their checks annually.

Kirk Griffith cashed his check Sunday afternoon at Cliff's Check Cashing in Denison. He says his paychecks have been a little lighter since the start of the new year.

"It's going to be roughly around $20 a week taken out for me and with my wife working, it's another $10 taken out for her. That's $30 a week that doesn't hit our pockets. That's an extra tank of gas for the week," Griffith said.

On average, the middle class will see $40 to $50 taken from their checks every week. Lawmakers have announced no plans in cutting the social security tax increase.

Paycheckmanager.com is one website that allows you to compare your 2012 and 2013 pay differences.