The Expiring 2% Payroll Tax Cut

Congress and the President decided to cut the Social Security tax that workers pay by 2% in 2011 and 2012.  The law originally was designed to last for 2011, but at the end of 2011, Congress decided to extend it for 2012.  Will Congress decide to extend it for 2013…I am guessing that they won’t.  How much will this law change cost you?  The math is fairly easy…but here is a calculator that will help you more accurately calculate the impact to you: