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Now More Taxes are being taken out of Your Paycheck
Don't freak out just yet, it's not that bad | Photo by curtis_ovid_poe via Flickr
On Halloween, some new tax rules began that will affect your next paycheck and so on. You'll see an additional 10 percent in state income taxes taken out, but not to fear, says the Sacramento Bee. Basically, the state is front-loading the coffers. An excerpt from their in-depth analysis to clarify:
Simply put, if you owe taxes when April 15 comes along, the balance due will be less based on what was withheld from your paycheck in the last two months of the year. If you're due a refund, you can expect a little more. Taxpayers can evade the accelerated withholding schedules simply by increasing the number of allowances on the withholding forms filed with their employers.