The expiration of a two-year payroll tax cut means that someone earning $50,000 will pay $1,000 more a year in federal taxes.
So in 2013, the rate will rise back to 6.2 percent and most workers will have an additional two percentage points of their income automatically deducted from their paychecks. It’s easy for anybody to figure out how this will affect them—just calculate 2 percent of your gross pay, up to the 2013 limit of $113,700. For the typical worker earning about $50,000, the reversion to 6.2 percent will cost about $80 per month, or $1,000 per year. The most it could cost anybody is about $2,300.