What Does The Fiscal Cliff Mean For Laredoans
Tuesday night, the senate came to an agreement regarding the controversial fiscal cliff. People around the country will now see their paychecks cut slightly.
"For example an employee earning $40,000 that employee will see a decrease on their paycheck of about $40."
Webb County treasurer says another item you'll see changed is federal withholding tax.
"That same person claiming single, depends on the status, earning $40,000.
It might not seem like much of a cut, but for people who budget their paycheck down to the penny it will affect them.
"We pay on Friday morning and I'm planning to email all the employees."
Of course the amount of deductions will depend on the different tax brackets. Social security taxes went up from 4.2% now 6.2%, something Perales says is a positive thing.
"I believe it's better to have money at the bank at the age when you get to retirement. We're going to need that money so the more we put in, the better."