SENT ON BEHALF OF MARK MOLER:
The tax package passed by Congress yesterday will protect most of you from your income tax rate increasing. It did not extend the temporary reduction in Social Security payroll tax that was passed in 2011. The rate is going back to 6.2% of your gross wages vs. the temporary rate of 4.2%. Your check will reflect an increase in FICA tax resulting in a lower bring home amount. These changes take place with this week’s payroll.