The Fiscal Cliff package passed this week. Rhetoric aside, your payroll taxes and self-employment taxes will most likely increase by 2% of your income. This means that if your business makes $100,000 this year, you're going to need to send an additional $2,000 to Washington that you didn't have to send last year. If you have a salary (gross income) of $100,000, an additional 2%, or $2,000, will be deducted from your paycheck before you can spend or save it.
The Accountinator's take on the Fiscal Cliff package
In 1991, Dion Shaw was diagnosed with multiple sclerosis (MS). Over the years, his health has declined, including ongoing vision problems associated with optic neuritis, and doctors now say a stem cell transplant is essential to his well-being and perhaps, survival.
Hey Dion, thanks for the reblog. Everyone needs to be mindful about how the new tax package will affect them during the year.
- Mark
Thank you, Mark for giving us your professional view on what affects us all!
-Dion