Look At Your Paycheck: Many Unaware Of Tax Cut

April 11, 2012 12:00 AM
Look At Your Paycheck: Many Unaware Of Tax Cut

" BOSTON (CBS) -┬áThree out of ten taxpayers are unaware they’re taking home more money due to the payroll tax cut, says a survey by Boston-based John Hancock Financial Services.

That’s up slightly from 2011, when 26 percent didn’t realize their take-home pay had a bit more money.

The survey also found that about 20 percent of taxpayers think they’ll spend that money instead of saving it, compared to 12 percent last year.

Those saying they’ll save that extra money fell to 22 percent compared to 29 percent last year.

One in five of those surveyed said they’d use the extra cash to pay down debt, the same as last year.

One in seven said they’d increased their retirement plan contribution at work, while ten percent invested in a retirement plan outside the workplace.

Of taxpayers getting a refund, nearly half said they’d put the cash in a savings account, while 25 percent said they’d pay down debt.

One in five said they’d spend the refund, the same as in 2011, and 18 percent said they’d put the refund toward their retirement plan outside of work "

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