Fiscal Cliff Means Paying More Each Year in Taxes - WLNS TV 6 Lansing - Jackson | Your Local News Leader

Fiscal Cliff Means Paying More Each Year in Taxes


What does the new "fiscal cliff" deal mean to you and your family and how much will it affect your taxes?

No matter your job or what you make, all wage-earners will see their taxes go up in 2013 as a result of the fiscal cliff deal.

If your household makes at or near $50,000, you can expect to pay an extra $1,000 or so in taxes this year. If you're an individual earning the 2013 cap figure of $113,700 or just under, you can expect to pay around $2,400 in taxes or about $200 more per month.

Expect to see those higher amounts coming out of your paycheck up to four weeks after the bill is officially signed, meaning February just got even more expensive for the working world.

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