Money Manager: Your shrinking paycheck

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by ERIC AMADO

WFAA contributor

Posted on January 19, 2013 at 10:48 AM

Have you noticed a change in your paycheck lately? If not, you will soon.

In 2011, Congress temporarily reduced the Social Security payroll tax from 6.2 percent to 4.2 percent to put more money in your pocket and help boost the economy.

Since lawmakers did not extend this benefit earlier this year during the fiscal cliff debates, your paycheck will shrink by two percent.

Daybreak Money Manager Eric Amado explains what this means, and how you can help offset the reduction in spending power.

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