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

The fiscal cliff affects individuals, families, high income earners, recent college graduates and people from all walks of life. We have a breakdown on how much of an impact the fiscal cliff could be for you if we fall off.

According to the National Journal and Tax Policy Center, if you're a banker making around $1 million dollars a year, you could get a tax increase of $120,000. Say you're an oncologist making $350,000 a year and you're married with two kids who attend a private school. You're looking at a possible $14,000 tax increase.

A teacher who makes around $65,000 a year with a mortgaged home and two kids should see taxes go up $3,500. Child tax credits would also be reduced. Recent college graduates making about $30,000 a year could see their taxes rise $1,200. People who are retired could also expect to see cuts to their entitlement programs.

For more information go here.

To calculate how the fiscal cliff affects you personally, use the fiscal cliff calculator here.