Updated: Tuesday, November 20, 2012, 6:57 AM
If we kept as much money as the first line on our pay stub indicates (the pre-tax number), we'd all be better off. But that's not what happens. And the tax bite could become even bigger on Jan. 1.
Fox Business' Gerri Willis says it's possible that nearly half of a middle class earner's weekly pay will be sent to various government entities: the federal payroll tax, Social Security tax, Medicare tax, state income tax and for many Pennsylvanians, the local wage tax.
"Half of everything will go to an entity that didn't earn that money, and shouldn't be entitled to all that dough," Willis writes.
Read more: http://www.foxbusiness.com/on-air/willis-report/blog/2012/11/15/half-your-paycheck-government-2013#ixzz2ClPl8hZ0 Half of everything will go to an entity that didn't earn that money, and shouldn't be entitled to all that dough.
Read the entire story on Fox Business.
Read full story: Bye, bye paycheck (why you can't get ahead) - Fox Business