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.

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