Potential 'Fiscal Cliff' Impacts On Your First 2013 Paycheck
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There's all this talk about the so-called fiscal cliff, but how will it directly impact us?
To start, our first paychecks of 2013 will likely be wrong if a deal isn't reached.
Financial expert Dan Roccato from Quaker Wealth Management joined "Good Day" on Thursday morning to explain.
Roccato said the reason your January 2013 paycheck could be wrong is that, unless Congress reaches an agreement, the taxes may be incorrectly calculated.
If there's no agreement, your employer may deduct the same income tax as in 2012.
The Social Security tax will likely go back to 6.2 percent from 4.2 percent. This means $83 less per month for someone earning $50,000.
High-income earners will see the biggest changes, while middle-income earners will see little change.
Roccato said to pay close attention to paycheck information in January and check for possible errors.
Friday, May 17 2013 6:59 AM EDT2013-05-17 10:59:32 GMT
Hurricane Sandy slammed into the coast of New Jersey last October.The beloved shore towns of so many millions were battered.Businesses were destroyed. Homes were demolished. Many tears were shed.But,
Hurricane Sandy slammed into the coast of New Jersey last October.The beloved shore towns of so many millions were battered.Businesses were destroyed. Homes were demolished. Many tears were shed.But,
Thursday, May 16 2013 10:45 AM EDT2013-05-16 14:45:47 GMT
One of the top football prospects in Pennsylvania is giving up a free ride to college. Hear the reason why, in his own words, he'd rather run into a recording studio than into the end zone.
One of the top football prospects in Pennsylvania is giving up a free ride to college. Hear the reason why, in his own words, he'd rather run into a recording studio than into the end zone.
Wednesday, May 15 2013 9:58 AM EDT2013-05-15 13:58:24 GMT
It was early in the morning when Kacie and Jenn set out for the Jersey shore - Matoloking to be exact. The mission was to catch Prince Harry's eye - maybe meet and chat with the Prince. Kacie diligently
It was early in the morning when Kacie and Jenn set out for the Jersey shore - Matoloking to be exact. The mission was to catch Prince Harry's eye - maybe meet and chat with the Prince. Kacie diligently
Tuesday, May 14 2013 10:57 AM EDT2013-05-14 14:57:52 GMT
Angelina Jolie has gotten a surgery she hopes will save her life. The actress says she had a preventative double mastectomy after finding out she carried the breast cancer gene.
Angelina Jolie has gotten a surgery she hopes will save her life. The actress says she had a preventative double mastectomy after finding out she carried the breast cancer gene.
Monday, May 13 2013 11:48 AM EDT2013-05-13 15:48:34 GMT
The royal: His Royal Highness Prince Henry Charles Albert David of Wales, otherwise known as Prince Harry. The young lady: Fox 29's Kacie McDonnell. The mission: Kacie would like to meet Prince Harry
The royal: His Royal Highness Prince Henry Charles Albert David of Wales, otherwise known as Prince Harry. The young lady: Fox 29's Kacie McDonnell. The mission: Kacie would like to meet Prince Harry
Friday, May 10 2013 11:53 AM EDT2013-05-10 15:53:18 GMT
The royal:His Royal Highness Prince Henry Charles Albert David of Wales, otherwise known as Prince Harry. The young lady: Fox 29's Kacie McDonnell. The mission: Kacie would like to meet Prince Harry when
The royal:His Royal Highness Prince Henry Charles Albert David of Wales, otherwise known as Prince Harry. The young lady: Fox 29's Kacie McDonnell. The mission: Kacie would like to meet Prince Harry when
Wednesday, May 8 2013 11:44 AM EDT2013-05-08 15:44:52 GMT
Singer, songwriter Josh Groban was our guest on Good Day this morning to promote his sixth album, All That Echoes. He also will embark on a tour, where he will employ a local orchestra to join him and
Singer, songwriter Josh Groban was our guest on Good Day this morning to promote his sixth album, All That Echoes. He also will embark on a tour, where he will employ a local orchestra to join him and
Tuesday, May 7 2013 12:09 PM EDT2013-05-07 16:09:57 GMT
New Jersey Gov. Chris Christie reveals he went under the knife -for lap band surgery. So what does that entail? And what results can we expect to see? Dr. Mike helps "Good Day" break it down.
New Jersey Gov. Chris Christie reveals he went under the knife for lap-band surgery. So what does that entail? And what results can we expect to see? Dr. Mike helps "Good Day" break it down.
Sunday, May 19 2013 1:45 AM EDT2013-05-19 05:45:51 GMT
A Powerball jackpot-winning ticket worth an estimated $590.5 million was sold in Florida, but there were also million-dollar winners sold in Pennsylvania and New Jersey, according to the lottery.
A Powerball jackpot-winning ticket worth an estimated $590.5 million was sold in Florida, but there were also million-dollar winners sold in Pennsylvania and New Jersey, according to the lottery's website.
Saturday, May 18 2013 9:28 PM EDT2013-05-19 01:28:06 GMT
Rain moved in Saturday afternoon and the chance for it will stick around through the seven day forecast.
It becomes very unsettled across our area with clounds and showers again Sunday. The best chance for rain is in the morning and afternoon thunderstorms are possible towards our south.
Sunday is cool but we do warm up well into the 80s by Tuesday. With the warm weather comes a better chance for thunderstorms.
Friday, May 17 2013 11:44 PM EDT2013-05-18 03:44:01 GMT
A couple of Good Samaritans helped rescue a 3-year-old boy's lifeless body from an Allentown creek. Their quick thinking and help from police helped bring the boy back to life.
A couple of Good Samaritans helped rescue a 3-year-old boy's lifeless body from an Allentown creek. Their quick thinking and help from police helped bring the boy back to life.
Friday, May 17 2013 7:38 PM EDT2013-05-17 23:38:13 GMT
A woman who lived with a Delaware pediatrician accused of waterboarding her 11-year-old daughter has agreed to plead guilty to child endangerment charges and testify against him.
A woman who lived with a Delaware pediatrician accused of waterboarding her 11-year-old daughter has agreed to plead guilty to child endangerment charges and testify against him.
