Columbia, SC (WLTX) - Your tax rates are not going up under the Fiscal Cliff agreement but your paychecks will be smaller, starting with your next one.
The two-year-old payroll tax holiday is over with the rate going from 4.2% to 6.2%. Here's how it affects your bottom line: If you're making $30,000 a year, you'll pay about $50 more a month in taxes.
If you're earning $50,000 a year you'll pay $83 more a month. And those making $113,700 a year will be paying $190 more a month in taxes.
The payroll tax funds Social Security. The lower rate was costing the government 120-billion dollars in tax revenue a year.
So how did South Carolina Lawmakers vote on the Fiscal Cliff Agreement?
Senator Lindsey Graham voted Yes where as former Senator Jim DeMint did not vote at all.
Representatives Tim Scott, Joe Wilson, Jeff Duncan, Trey Gowdy and Mick Mulvaney all voted no. Congressman James Clyburn voted yes.