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Rich Morrow prepares taxes for a living, but this year he has been preparing his clients for a big change on payday. Morrow says, "Ever since I have been in this business, the rate has been 6.2%. But for the past two years, to stimulate the economy, we have had a 2% reduction as a payroll tax holiday. The holiday is over."
On average, about $80 a month from each worker is going to social security and many people are not happy about it. Marsha Haney says, "I live for my paycheck. I love every dime. I spend every dime I make. When I saw less pennies I went into cardiac arrest for a few minutes. But then I thought, well, they gave me a few dollars extra. Now they're taking it back. Get a grip. Life goes on."
But some people in Wichita say they understand the change. Opal McDermeit says, "Everybody's got to pay sometime and I don't think they should have killed us. They should have spread it out a little more so you don't notice it. We are in such a big hole, I don't know how we're going to get out of it without everybody pitching in a little bit." Haney says, "I am a girl and I like having fun every paycheck. But considering I have a job, I'm grateful to have a job. A lot of people don't have a job."
Morrow expects the rates to stay where they are next year and does not think American workers will see a holiday like that again. He says, "With the state that social security is in, being somewhat under funded, it was really surprising to me that the ever passed in the first place. So I'm really not surprised the rate's going back up."
He says health care premiums are also going up for most people, but it varies based on your provider and employer.