Use ‘Tax Holiday’ Wisely

January 25, 2011  |  

(Network Journal) — Here’s a happy fact: For most Americans, paychecks are getting a tad bigger this year.  How much bigger? Starting this month, the typical employee making $50,000 a year will take home an extra $83 a month, or roughly $1,000 a year.  The bump in take-home pay, enacted in late December as part of Congress’ tax-cut extension bill, drops Social Security contributions — for this year only — from 6.2 percent to 4.2 percent on wages up to $106,800.

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