Monday, January 10, 2011

Increased first paycheck of the year?

Are you or your spouse employed? If so, you are getting a paycheck on weekly/bi-weekly/monthly bases. The first week of January is over, and if you have gotten your paycheck last Friday, you should have seen an increase.
Because new bill was signed on December 17th, 2010. This bill has decreased the employee's portion of FICA tax from 6.2% to 4.2%. This change is valid only so far for year 2011.
What does it mean? That means that in essence, you got a raise from the government :) If you haven't received your first pay stub this year yet, make sure that you check it when you get it. Your net pay in 2011 should be more then in 2010. If it is not, make sure you talk to your Accounting Department and adjust it.
This bill supposed to boost the economy by giving you more money to spend. Whatever you decide to do with it, make sure you put the extra cash to work FOR YOU!
For more info, check IRS website here: http://www.irs.gov/newsroom/article/0,,id=232590,00.html
If you have any questions, don't hesitate to call me or e-mail me!
Enjoy spending the extra cash!

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