The Wyoming workforce is going to notice slightly slimmer paychecks when the New Year rolls around. A nationwide Federal Insurance Contributions Act Tax cut was implemented in 2011, and this year, there has been no initiative in Congress to continue the tax break for workers.
Alicia Cox, Certified Public Accountant at Harker-Mellinger CPAs in Sheridan, provides background on FICA.
Cox said this tax policy is essentially reverting back to what it was a few years ago.
Cox said the discontinuation of the tax break won't affect employers, other than that they'll have to make sure tax withholdings on employee paychecks are modified when the time comes. However, employees will see a two percent decrease in their take-home pay.