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Payroll Tax Cut Means More Money In Paychecks

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Money File Photo (credit: Getty Images)

Money File Photo (credit: Getty Images)

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NEW YORK (CBSNewYork.com) — In this new year, workers will find more money in their paychecks.

The tax package signed by President Obama in December includes a two-percent cut in payroll taxes. This one-year reduction means the average American will get an extra $1,000 in take-home pay in 2011.

More details about how this impacts you can be found here. Here’s how the withholding tax will be calculated.

 

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