MILWAUKEE - The takehome amount on thousands of Americans' paychecks may soon be bigger, temporarily, due to an executive order issued by President Donald Trump in August.The order is part of the president's COVID-19 relief plan.
It is being called a "payroll tax holiday," but depending on how you plan it might end up being a headache.The president's payroll tax deferral allows employees who make up to $4,000 every two weeks to keep what they would have paid in social security tax -- boosting takehome pay by 6.2% -- through the end of the year."For the average American over that period of time, that would be $1,200, or about the same amount of money that our stimulus checks were," LJ Suzuki, a fractional CFO at CFOShare, said.Financial.