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'Fiscal cliff' deal to take toll on US paychecks

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    William La Jeunesse reports from Los Angeles

  • Duration 2:31
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We may have avoided -- fiscal cliff America but the plan agreed to a Washington could mean.

Big changes in your paychecks starting now.

We've lodge and -- on that read the fine -- good morning -- in the employees expect.

In the paycheck -- -- We see this tomorrow or possibly next week but whether -- -- -- not your payroll taxes are going up how much -- for a single person earning 38000 dollars a year.

Yesterday the iris told your employer to withhold -- back out.

5400.

Here that's up.

570.

Bucks or eleven hours a week if you -- about 90000 dollars you pay twenty grand or 2400.

Dollars more than last year.

If you make -- 185000.

Dollars -- governor is gonna withhold.

Fifty grand that's an increase of 6000 dollars.

-- you make -- 400000.

Your payroll taxes will increase by 270 hours a week or 141000.

Dollars a year.

I remember these are payroll taxes that's the fight -- deduction on your paycheck.

That -- Social Security Medicare now this is money you will get back and more over a lifetime bill.

That average worker will pay 345000.

Dollars and like -- taxes and they'll get back.

4171000.

Dollars in benefits so somebody.

Is subsidizing your retirement and it also taxes are going up and everyone just about three quarters of everyone especially the wealthy though.

And the income taxes will also go up there what does that deal mean for them.

Remember the 1% in the president's complaint they didn't pay their fair share.

Why the new number for you it's the point 7%.

Club the Tax Foundation has been crunching these numbers and here is how much the federal government is going to squeeze.

From the less than 1% of -- country.

Out of a 143.

Million tax returns.

Just one point one million or point 7%.

Will pay more than 40%.

Of all federal income tax.

It's.

Cannot sustain a situation where the top 1% pays 40% of the tax -- -- while the bottom half.

Roughly.

On average pay no income taxes.

So he's referring to the sixty million Americans who have -- zero or negative tax liability because they get breaks but of course the point 7% will be more in.

Basically income taxes and and capital gains and dividends taxes well.

That's people Merck earning over 400000 dollars a year to turn and face the changes because they are right in front of us now thank you William.

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