Recent tax breaks may increase some tax payers weekly paychecks! Due to recent changes in social security taxes individuals will be paying less taxes this year.
Starting in January 2011, 73 million taxpayers will see a drop in the amount paid to social security taxes from 6.2% to 4.2%. All this is taking place due to the expiring Making Work Pay tax break. This equals an increase of $520 a year for individuals making $26,000 and $1,000 a year for individuals making $50,000.