Bigger Paychecks in 2011: Most Taxpayers Benefit From Payroll Tax Holiday

Kelly Phillips Erb
payroll tax holiday
payroll tax holiday

The first few paychecks of 2011 will be issued soon. If you think you see a few extra dollars in yours, you aren't mistaken: You're benefiting from the new payroll tax holiday.

The payroll tax holiday is a special, one-year break for taxpayers created under The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The term "holiday" is a bit misleading since you'll still be subject to payroll taxes in 2011. You'll just be paying in at a reduced rate.

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