Now that 2011 is here, there is a good news for millions of workers in the United States — more money in their paychecks. Thanks to the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, there has been a 2 percent decrease in Social Security withholding taxes. The short-term tax break has been referred to as the payroll tax holiday. Both self-employed individuals and employed workers will see the bump in their regular pay effective January 1, 2011.
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