The payroll tax holiday is over, workers to pay more - 21 News Now, More Local News for Youngstown, Ohio -

The payroll tax holiday is over, workers to pay more

Updated:

BOARDMAN, Ohio - For the last two years millions of American workers have been bringing home some extra cash.

That's because in 2010 lawmakers reduced payroll taxes, which help fund Social Security and Medicare, from 6.2% to 4.2%. However, the payroll tax holiday is over and it doesn't appear lawmakers have any plans to reinstate it.

"You might not notice it full blown in January, especially with changes to the withholding tables which haven't been published yet, but that is part of the healthcare act. That is in the law and that is something that will continue unless it gets changed or extended," said Nicholas Demetrios a C.P.A. with Hill, Barth and King.

As it stands, people earning $20,000 a year will pay about $100 more in payroll tax. Workers who earn $50,000 a year can expect to pay about $1,000 more and those people earning $150,000 annually are looking at having to shell over $2,200 more a year in payroll tax. Payroll tax is deducted from the first $110,100 of workers' paychecks.

"I think I am probably along with everybody else. I am tired of them taking more and more and giving us less and less," said Ed Esker of Youngstown.

"If you work hard for your money I don't think they should be taking as much," said Josh Hinkle of Lakewood.

When lawmakers enacted the payroll tax cut two years ago it was part of the larger tax bill that extended the Bush era tax cuts. Workers also benefited from similar tax breaks in 2009 and 2010.

  • SpotlightSpotlightMore>>

  • Updated

    The Scrappers host “POPS at the Ballpark” featuring the Youngstown Symphony Orchestra

    The Scrappers host “POPS at the Ballpark” featuring the Youngstown Symphony Orchestra

    Tuesday, April 15 2014 2:04 PM EDT2014-04-15 18:04:57 GMT
    NILES, Ohio – The Mahoning Valley Scrappers and the Youngstown Symphony Orchestra are excited to host one of the Valley's premiere summer events, POPS at the Ballpark,More >>
    NILES, Ohio – The Mahoning Valley Scrappers and the Youngstown Symphony Orchestra are excited to host one of the Valley's premiere summer events, POPS at the Ballpark, presented by Stanley E. Shearer with Northwestern Mutual and 21 WFMJ on Saturday, August 23, 2014 at Eastwood Field.More >>
  • Around the WebMore>>

  • Boston Marathon organizers confident of safe race

    Boston Marathon organizers confident of safe race

    Police stepped up patrols near the Boston Marathon finish line after a masked man walked in the street with a rice cooker in his backpack only hours after the city marked the anniversary of last year's deadly...More >>
    The arrest of a man with a rice cooker in his backpack near the Boston Marathon finish line led police to step up patrols Wednesday, while organizers sought to assure the city and runners of a safe race next week.More >>
  • Low of 19 degrees in Toledo breaks 139-year record

    Low of 19 degrees in Toledo breaks 139-year record

    Wednesday, April 16 2014 6:34 PM EDT2014-04-16 22:34:39 GMT
    TOLEDO, Ohio (AP) - Winter temperatures are refusing to go away in northwestern Ohio. The thermometer dropped to 19 degrees in Toledo Wednesday morning, breaking a 139-year-old record for the same dateMore >>
    TOLEDO, Ohio (AP) - Winter temperatures are refusing to go away in northwestern Ohio. The thermometer dropped to 19 degrees in Toledo Wednesday morning, breaking a 139-year-old record for the same dateMore >>
  • Break-in suspect rescued from Ohio restaurant vent

    Break-in suspect rescued from Ohio restaurant vent

    Wednesday, April 16 2014 6:26 PM EDT2014-04-16 22:26:35 GMT
    MANSFIELD, Ohio (AP) - Police say an Ohio man suspected of breaking into a restaurant overnight became stuck in a ventilation duct, triggered a fire alarm and had to be rescued by emergency responders. TheMore >>
    MANSFIELD, Ohio (AP) - Police say an Ohio man suspected of breaking into a restaurant overnight became stuck in a ventilation duct, triggered a fire alarm and had to be rescued by emergency responders. TheMore >>
Powered by WorldNow
All content © Copyright 2000 - 2014 Worldnow and WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms