Pay roll tax hike felt on paychecks

For those who were concerned about the one -two punch of tax increases and budget cuts, the changes made by congress brought relief.

But while the fiscal deal kept income taxes from rising, workers will still have to pay at least two percent more in payroll taxes.  

As people receive their first paychecks of the year, they're realizing just how much money they're not taking home-- $50 less a month if you make $30 thousand a year, $100 less if you make $60 thousand, and up if you make more.

Even though the U.S. didn't fall off the fiscal cliff, a 2-percent increase in the FICA rate, or payroll tax deduction, did pass.

Accountant Angela Hildebrand says, "Two years ago, Obama’s administration lowered it from 6.2% to 4.2% and this year they didn't extend that tax holiday."

It’s an eye-opener as people receive their first paycheck of the New Year.   

"I know they were hoping to stimulate the economy. I don't know that people really realized it was in their pay check,” Hildebrand said.  “I don't notice that it stimulated the economy over the past two years."  

The question facing many people now is if they lose just $10 or $15 each week, over time, what does that amount to? Going out to dinner once or twice, a vacation, or maybe even a rent payment?

Hildebrand, a certified public accountant and owner of Autopaychecks, urges people to budget accordingly.

Her company issues about 10 thousand pay checks a month, and so far she says there haven't been many complaints.

"Everybody is getting the same 2% FICA increase. We're just going back to the way it was two years ago."