Your paycheck will take a hit despite 'cliff' deal - 13abc.com Toledo (OH) News, Weather and Sports

Your paycheck will take a hit despite 'cliff' deal

Posted: Updated:
TOLEDO, Ohio -

Even though the country did not fall off the fiscal cliff the income tax rate is the one we saw remain at the same level.  But the social security payroll tax is the one going up.  On your check it's called FICA.  A 2% reduction was not renewed. 

While there is relief on at least the income tax side, you need to keep an eye on your money and where it's going. 

"I think its great that the government finally came together despite them being Democrats or Republicans that we could come together as a people and stand for what's right,"  said Gail Green.    

"I kinda think it had a dramatic effect going to the last minute kinda suspicious of that but whatever as long as it's done," said Daryl Wilson.   

Income tax levels will remain the same at least for now. 

"I think things will hopefully improve more with the economy and jobs.  I think it's a good thing for the new year," said Jessica Wenzlick.   

But it's not all rosy.  With social security taxes increasing some financial experts say it's just the beginning. 

 "The biggest thing that has an impact on people, which is the economy, is going to continue to improve.  The taxes are going to get worse and get progressively worse but it's going to be slower and they are going to feel the impact but it won't be anywhere near as bad an impact from a tax as it will be good from the business improvement," said Dock Treece of Treece Investment Advisory Group.   

Treece reminds people you can't control what politicians do so. 

"I would tell them to ignore it because you can only control the things you can control.  You can't control how much your taxes go up.  That's controlled out of Washington.  What you can control is your personal spending, your personal savings rate," said Treece.   

"I find a way to make sure my money is in tact, regardless of the situation, regardless of who's in office.  I think if made it through the Bush era, I can make it through the Obama era," said Wilson.

  • LocalMore>>

  • Fundraiser offers support to kids of murdered woman

    Fundraiser offers support to kids of murdered woman

    Saturday, April 19 2014 10:02 PM EDT2014-04-20 02:02:03 GMT
    A fundraising dinner held on Saturday was aimed at raising both money to help six kids in a tough spot and at lifting their spirits during this troubled time.
    A fundraising dinner held on Saturday was aimed at raising both money to help six kids in a tough spot and at lifting their spirits during this troubled time.
  • Sleeping man injured when car crashes into bedroom

    Sleeping man injured when car crashes into bedroom

    Saturday, April 19 2014 9:12 PM EDT2014-04-20 01:12:40 GMT
    A man was injured by a car inside his own bedroom on Saturday afternoon. He was sleeping in the bedroom of his apartment on Brownstone around 5:30 p.m. when a Buick crashed through the wall.
    A man was injured by a car inside his own bedroom on Saturday afternoon. He was sleeping in the bedroom of his apartment on Brownstone around 5:30 p.m. when a Buick crashed through the wall.
  • K9 officers receive bullet-proof vests

    K9 officers receive bullet-proof vests

    Saturday, April 19 2014 7:51 PM EDT2014-04-19 23:51:51 GMT
    Thanks to an organization called Vested Interest, two local K9 officers will now be a little safer on the job. Ranger and Jack of the Monroe County Sheriff's Office are getting bullet-proof vests from the non-profit.
    Thanks to an organization called Vested Interest, two local K9 officers will now be a little safer on the job. Ranger and Jack of the Monroe County Sheriff's Office are getting bullet-proof vests from the non-profit.
  • Top StoriesMore>>

  • Sleeping man injured when car crashes into bedroom

    Sleeping man injured when car crashes into bedroom

    Saturday, April 19 2014 9:12 PM EDT2014-04-20 01:12:40 GMT
    A man was injured by a car inside his own bedroom on Saturday afternoon. He was sleeping in the bedroom of his apartment on Brownstone around 5:30 p.m. when a Buick crashed through the wall.
    A man was injured by a car inside his own bedroom on Saturday afternoon. He was sleeping in the bedroom of his apartment on Brownstone around 5:30 p.m. when a Buick crashed through the wall.
  • 419 Day celebrated on social media

    419 Day celebrated on social media

    Saturday, April 19 2014 7:14 PM EDT2014-04-19 23:14:37 GMT
    Saturday was April 19 or 4-19 and locals thought this was the perfect day to celebrate businesses in the 419 area code in person and on social media.
    Saturday was April 19 or 4-19 and locals thought this was the perfect day to celebrate businesses in the 419 area code in person and on social media.
  • Vengeful note left in 2 boys' murder

    Vengeful note left in 2 boys' murder

    Saturday, April 19 2014 10:20 PM EDT2014-04-20 02:20:03 GMT
    A woman who shot and killed her two young grandsons before committing suicide last year left a note to the boys' parents saying they did not deserve to have the children, according to a police report.
    A woman who shot and killed her two young grandsons before committing suicide last year left a note to the boys' parents saying they did not deserve to have the children, according to a police report.

Area Events Calendar

See It, Shoot It, Send It!