Potential 'Fiscal Cliff' Impacts On Your First 2013 Paycheck - New York News

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.

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