Payroll Taxes Survey: Most Feel Undercompensated for Current Jobs

After Congress finally came to an agreement regarding the fiscal cliff, many Americans found out they would be seeing some changes in their paychecks due to increased payroll taxes. With a recession and many workers already feeling they are under compensated for their jobs, what kind of an impact could increased payroll taxes have?

taxes

Working Americans

In Ask Your Target Market’s latest survey, 34% of working Americans said that they very much enjoy their current position. 43% said they somewhat enjoy their job. 18% said they don’t really like their current job. And 5% said they definitely do not like their current job.

Under Compensation

However, 40% of working Americans said they feel they are definitely under compensated for their current job. Another 39% feel they are somewhat under compensated. And just 21% said they don’t think they are under compensated.

Only 6% of workers said that they could definitely afford a small decrease in pay due to higher taxes without making any significant lifestyle changes. 29% said they could probably afford a small decrease in pay without making any lifestyle changes. 31% said they probably could not afford a small pay cut without making lifestyle changes. And 34% of working Americans said they definitely could not afford any small pay decrease without making significant lifestyle changes.

Fiscal Cliff

Overall, just 2% of Americans said that they feel very positive about the way Congress handled the fiscal cliff situation. 9% said they would give Congress a somewhat positive rating. 26% said they were neutral or had no opinion. 21% said they would give Congress a somewhat negative rating. And 43% said they would give Congress a very negative rating on the way it handled the fiscal cliff situation.

You can view the complete survey results in the widget below and be sure to click “Open Full Report” to take advantage of all the chart and filter options.

Photo Credit: Tax by definition from Flickr

What do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.

Results were collected on January 3 via AYTM’s online survey panel.

ABOUT THE AUTHOR: Anne Pilon
Anne Pilon brings 3 years experience to AYTM as a blogger and journalist. She has a degree in journalism and marketing communications from Columbia College in Chicago and enjoys writing about business, marketing, social media, and art.