You're getting a tax cut!!!
You may even notice it.
A cut in Social Security taxes in 2011 means you should be seeing more in your paycheck. Since it involves taxes, however, it is all incredibly complicated and makes our heads hurt. The "Making Work Pay" tax credit is inspiring, so whether you will actually end up with more disposable income is beyond our non-CPA minds to determine.
We Believe Local Journalism is Critical to the Life of a City
Engaging with our readers is essential to the mission of the Houston Press. Make a financial contribution or sign up for a newsletter, and help us keep telling Houston’s stories with no paywalls.
Support Our Journalism
But what we can do is look at figures developed by the Brookings Institute that say how much your Social Security tax will go down according to your income level, we can ignore the whole tax credit thing, we can assume you get 26 paychecks a year, and we can tell you how best to spend the newfound cash you may be getting.