Payroll tax holiday

Payroll tax holiday,

Definition of Payroll tax holiday:

  1. 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).

How to use Payroll tax holiday in a sentence?

  1. The payroll tax holiday was of great benefit to the employee who desired the extra income to buy his daughter a present.
  2. I was a big supporter of the payroll tax holiday because it would allow me to have more money for the year.
  3. Sometimes there may be a payroll tax holiday and your workers will be very happy during this time of the year.

Meaning of Payroll tax holiday & Payroll tax holiday Definition