As part of the extension of the Bush tax cuts, Social Security payroll tax will drop from 6.2 percent to 4.2 percent. That means you’ll be taking home more money each paycheck, even if your stingy employer has frozen your wages.
Kiplinger offers up a calculator to help you figure how much you’ll haul in on each paycheck come January. You enter your total gross salary, as well as how often you’re paid.
What the 2011 tax cut is worth to you [Kiplinger]