Even in our office, the question has been raised of “why did my paycheck go down this month”. The reason is political and I certainly would not even try to explain the political wrangling that occurred, but the short answer is that the law that permitted employers to reduce FICA withholding from employee’s paychecks expired in January, 2013. So, instead of withholding 4.2% which has been the amount the last 2 years, employers are withholding 6.2% of an employee’s gross pay.
So what does this mean? A person making $10.00 an hour and working a 40 hour work week saw his/her paycheck go down by about $15.00 for a bi-weekly paycheck. Most would agree that this is not a great deal of money; however, for those that are living pay check to pay check, trying to keep up with debt payments, purchased their Christmas without any expectation of a reduction in net pay and those that need that little bit extra this is very significant to their life.
Living pay check to pay check can cause depression, anxiety, worry and fear. Watching your pay go down over politics does the same thing. Too many people are not catching up let alone getting ahead. That is where a debt settlement or bankruptcy attorney can assist them. Instead of making payment after payment that never seems like it will end, the payments can stop and be resolved or discharged so that you can get ahead. Take control of your financial life. Quit letting the credit card debt, medical debt, car debt or other debts prevent you from living your life and make you worry about your finances.
Now is the time that debt settlement or bankruptcy can save the money that the government’s politics have taken from you and your family.