SALT LAKE CITY — As debates surrounding the fiscal cliff continue, many Americans are now trying to figure out how the final decision will affect them.

"As a percentage of your income, it's pretty small," said Deseret Mutual financial planner, Shane Stewart. "But when you put in dollar figures, you start to notice."

Most people will begin to see the affects after their next paycheck has been reduced.

Financial experts have been crunching numbers to figure out the real deduction that will be seen as a result of the fiscal cliff decision. Congress made the decision to restore the 6.2 percent tax on the Social Security deduction, which raised it from the previous 4.2 percent.

So as an example, if an individual earned $30,000 in one year, that extra 2 percent for social security would equal about $600 deducted each year. For that individual, they would receive $50 less from their paycheck each month.

Janice Bradshaw, like so many payroll managers across the country, have been waiting and waiting on congress to reach a budget deal. Now, she can implement the new, higher tax bite.

"Yeah, we're just in limbo waiting for them to make their decision," Bradshaw said. "There's nothing you can do."

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While the tax package that Congress passed New Year's Day will protect 99 percent of Americans from an income tax increase, most of them will still end up paying more federal taxes in 2013.

Now that decision has been implemented, Bradshaw has the payroll formula updated, and on Friday the Social Security hike will be in place.

"We were kind of hoping they would extend it," she said. "We didn't want it to end. Then we wouldn't have to do anything. Plus, it saves us money in our paychecks."

About 75 percent of all American households will face the increased tax in their paychecks in the coming week. The social security tax has actually been at 6.2 percent in the past. But, in an economic stimulus move, the Obama administration lowered it for the 2011 and 2012 tax years.

Despite the changes in receiving less money per paycheck, financial planner, Shane Stewart True, explained how the increase in social security tax is a positive change. He said that people should consider the long-term picture of having a guaranteed Social Security check for their retirement years.

"So even though that's a little painful to pay 2 percent more, if we're going to keep social security viable, it's a necessary thing to do," Stewart said. "To put money back into that program."

But for many, there's still uncertainty ahead. Congress still has to figure out a plan to deal with the debt ceiling, and how to handle automatic cuts in federal spending that will take effect in March.

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