Tuesday, May 21 2013 6:18 AM EDT2013-05-21 10:18:45 GMT
Authorities said a 15-year-old girl may be facing charges after driving without a license and losing control of a car in a crash that left a 10-year-old girl dead Monday afternoon. The crash happened onMore >>
Authorities said a 15-year-old may be facing charges after driving without a license and losing control of a car in a crash that left a 10-year-old dead.More >>
Monday, May 20 2013 11:48 PM EDT2013-05-21 03:48:15 GMT
A woman has been arrested after she allegedly locked her four young daughters out of their home for days at a time.A witness told police that the four girls, ages 7, 5, 3 and 1, had been in the same dirtyMore >>
A woman has been arrested after she allegedly locked her four young daughters out of their home for days at a time.More >>
Monday, May 20 2013 11:45 PM EDT2013-05-21 03:45:38 GMT
A widespread power outage has affected a large portion of Ascension Parish. Small portions of neighboring parishes are also affected. As of 5:40 p.m., the Entergy website reported 20,981 homes andMore >>
A widespread power outage affected a large portion of Ascension Parish and part of EBR Parish Monday. More >>
Tuesday, May 21 2013 10:16 PM EDT2013-05-22 02:16:08 GMT
Residents in tornado-stricken Moore, OK, await news on missing love ones Tuesday, a day after a massive tornado devastated the city, killing at least 51. Rescuers worked all night, with particular attentionMore >>
The tornado, with winds up to 200 mph, cut a 20-mile stretch as wide as two miles through the Oklahoma City metro area. The medical examiner's office reported 24 people died, including nine children. More >>
Tuesday, May 21 2013 10:36 AM EDT2013-05-21 14:36:49 GMT
(RNN) – A day after long track tornadoes devastated Shawnee and Edmond, OK, another round has begun near Oklahoma City.KOCO broadcast a slow rotating cloud that slowly extended down towards the groundMore >>
Dozens of people have died after a second day of tornadoes twisted through Oklahoma, this time taking aim at the town of Moore, south of Oklahoma City.More >>
TYLER, TX (KLTV) -
In 2013, Americans will pay more in social security taxes than they did last year.
In 2012, everyone put 4.2 percent of their income toward social security. This year, 6.2 percent of your income will go into the pot.
That's because the FICA tax rates that were in effect prior to 2011 have been reinstated.
Congress gave Americans a break on social security taxes when the economy tanked, but now that it's recovering, those pre-recession social security tax rates are reverting to what they were before.
"It's really what they were paying prior to two years ago. It's an increase in withholding from their paycheck, but it's not really a tax increase because they were paying the same rate prior to two years ago," says Maureen Parkhill, co-owner and manager of Liberty Tax Service in Tyler.
Parkhill says the lower tax rate was always temporary and was intended to boost the economy.
"People got used to having some extra income, and now they're going back to where it was a couple years ago," says Tyler Chamber of Commerce President and CEO Tom Mullins.
Mullins doesn't expect to see the reinstated tax rate hurt the local economy, but it won't go unnoticed.
"It'll be interesting to see over the first couple of months... that people will cut back some of their spending," says Mullins.
Calculating how much more you'll be paying in social security taxes this year is simple. Take your salary and multiply it by .02. For example, somebody who makes $30,000 can now expect to pay $600 more this year in social security taxes than they did last year. To look at that monthly, divide by 12 and you get $50. That's how much less you'll be bringing home each month than you were before.
"People are very strict about their budgets, what they're taking home [and] what they can spend it on. It's usually allocated every single month. They don't have a lot -- if anything-- left over. So, to have an additional $50 or $60 dollars, taken out, it has an impact. It will be felt by a lot of families," Mullins says.
The average household income in East Texas, using 2012 data available from the counties, is just under $38,000.
The reinstatement of the tax rate means the average East Texas household will pay about $63 more a month in social security taxes.