In the U.S., the temporary reduction of payroll taxes extended to all working taxpayers under the Tax Relief Act of 2010. The reduction of 2% applies to employee payroll tax contributions made in 2011. Employer contributions are not reduced. A taxpayer who earns $50,000 will realize a savings of $1,000 (2% of $50,000).
Use 'payroll tax holiday' in a Sentence
Sometimes there may be a payroll tax holiday and your workers will be very happy during this time of the year.
The payroll tax holiday was of great benefit to the employee who desired the extra income to buy his daughter a present.
I was a big supporter of the payroll tax holiday because it would allow me to have more money for the year.
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