What is a Payroll Tax Holiday? 

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A payroll tax holiday is a temporary suspension or reduction of payroll taxes that employees and employers pay to the government to fund social security and Medicare programs. Specifically, the tax holiday refers to the social security and Medicare payroll tax. Employees and employers continue to receive their regular paychecks during a payroll tax holiday. Still, the amount of social security and Medicare taxes withheld from employees' pay is reduced or eliminated, and employers don’t need to pay their portion of the payroll tax.
Payroll tax holidays have been used as a tool to stimulate the economy during times of economic hardship, but their effectiveness and long-term impact remain a topic of debate.
To learn more, watch the video.
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