Fiscal Cliff: What It Means For My 2013 Paycheck?
The financial deadline looms in Washington, with no deal yet made. Check this primer, and share your questions and thoughts.
With Christmas 2012 over, one reality check is that the looming "fiscal cliff" deadline is just a few days away. On Dec. 31, tax cuts dating to the George W. Bush presidential term are scheduled to expire, and President Obama and congressional leaders have not reached a compromise. Of course, that means tax bills would increase for many middle- and upper-class taxpayers. And that means paycheck withholding for many workers would change, leaving them with less take-home pay starting in the new year. Apparently, though, there will be no immediate change in withholding tables, while the situation is unresolved. According to John Tuzynski, the IRS’ chief of employment tax policy, employers should continue to use 2012 withholding tables and …
