How will the 'fiscal cliff' affect you and your family?

UNDATED (WHDH) -- If the country falls off the fiscal ‘cliff’ it means steep tax hikes, but just how much are we talking about?

Even if Congress reaches a deal in days or weeks, you'll see the effects in your first paycheck of the New Year.

Come midnight, your take-home pay shrinks. Income taxes go up on everyone. A family making between $50,000 and $75,000 could lose $2,400 next year.

The two-percent payroll tax break ends, costing the average worker another $1,000 a year.

There will be higher taxes on savings and investments and families will pay more on large inheritances.

For those out of a job more than six months, unemployment benefits stop immediately.

But the New Year with no deal also means government agencies will face deep cuts. Eight to nine percent will be cut from all departments, including the military, which would see about $110 billion in cuts next year alone.

Sources in both parties tell NBC News they think they can delay those spending cuts for up to two months. But, they're still working on it.

All of the negatives can be undone if Congress continues to work.