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The Incredible Shrinking Paycheck
If you work for a paycheck, you already noticed that. If you make more than $100,000 a year, you are one of approximately 10 million Americans in that category. Some say you have it made. Yet when it comes to taxes in 2014, you are hit especially hard. If you earn more than $200,000 (or $250,000 on a joint return) you pay even more. The culprit isn’t one thing. Income taxes and payroll taxes are both up. But the biggest issue is Social Security and Medicare taxes. And you don’t really see them since they are deducted automatically from your paycheck. Read more…