Americans Receive Smaller Paychecks - KLFY News 10

Americans Receive Smaller Paychecks

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Many of you receiving your paycheck Tuesday probably noticed a change in the amount you've received.

That's because the social security tax cut expired at the end of last year.

Paychecks for more than 160 million Americans will be 2% smaller as the payroll tax will jump from 4.2% to 6.2% to pay for social security.

And a huge number of those hit will be middle class or working poor. If you are making between 20&40 thousand dollars will likely be cut $1,200 to $2,4000 per year.

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