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

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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.

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