Bigger Paychecks in 2011: Most Taxpayers Benefit From 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.