Payroll tax holiday,
Definition of Payroll tax holiday:
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?
- 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.
- 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