A number of law changes go into effect in 2013 that will result in employees seeing smaller paychecks, including the expiration of the payroll tax cut, the increase in the Social Security taxable wage base, and the new 0.9% Medicare tax imposed on high wage earners. This article explains the changes and provides illustrations to show their effect on workers' paychecks.
Background. The following law changes go into effect in 2013:
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Casper Willson Wilson & Holmes, Inc. is a full service accounting and tax firm located in Mason, Michigan (just south of Lansing and Okemos, MI).