OSHKOSH - With a deal in place, how will you be impacted?
"The fiscal cliff deal definitely adds some complexity to the tax code," explained CPA and Business Attorney with Davis & Kuelthau's Fox Valley office, Robert Mathers.
Mathers says the majority of American's won't see an increase in federal income taxes.
However, because the payroll tax cut expired Monday, most of you will end up with less in your paycheck.
This means households making between $40,000 and $50,000 a year will see their taxes increase $579.
Households making between $50,000 and $75,000 a year will face an average increase of about $822.
But those higher on the pay scale *will* see an increase in their federal income taxes.
"Above $450,000, there's a higher tax rate. It's the highest tax rate we've seen in over a decade," Mathers said.
That rate is 39.6 percent, up from the current 35 percent. Experts predicted the cliff could have triggered another recession.
However, Mathers feels the deal will bode well for the economy, especially with certain tax credits.
"The American Opportunity Credit and the Child Tax Credit have been extended for five years, those are definitely benefits to the average American," Mathers explained. "In addition to the President's bill extends the Research and Experimentation credit, so clients like mine that are big with innovation will benefit from that and spur additional spending."
The deal is also good news for two million jobless Americans who will still receive extended federal unemployment benefits.
That includes 40,000 Wisconsin residents.
While the deal has provided some relief, most know there's still a lot of work to be done in Washington.
That includes tackling the debt ceiling.
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