How the Fiscal Cliff Hurts You

Posted: Updated:

By Chloe Beardsley - email

SANTA MARIA, Calif. -- You may want to know exactly how much you stand to lose if we fall off the fiscal cliff, luckily there is a calculator for that.

This Fiscal Cliff Calculator, which you can access online, measures how much more in taxes you could pay.

Here's how it works. Let's say you make $45,000 a year and you are single. Enter your income, deductions, marriage status and employment. Then hit calculate and you can see your federal, medicare and social security taxes across the board will go up and you could be paying $1,000 more in taxes.

Let's say you're married and making $60,000 a year, you could be paying more than $2,000 in taxes a year if we fall off the fiscal cliff.

You can use the Fiscal Cliff Calculator to calculate how much you could pay by visiting: http://www.creditcards.com/credit-card-news/fiscal_cliff-calculator-1701.php

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How the Fiscal Cliff Hurts You - KCOY Santa Maria, Santa Barbara, San Luis Obispo - News

How the Fiscal Cliff Hurts You

News Right NowNewsMore>>