A. It’s hard to capture every change made to the
federal income tax laws in the last year. The following are some of the major
changes. They shouldn’t affect your tax return, but they may already be
affecting your paycheck.
Your take home pay may have decreased
this year. Congress let a 2% social security tax break expire. Employees are
once again contributing the full 6.2%.
The wage ceiling on the social security
tax has been increased to $113,700.
An additional 0.9% is being withheld for
Medicare on earnings over $200,000.
Additional deduction restrictions and
increases have been put in place for individuals earning over $250,000.