Payroll Services:

 

If President Donald Trump were to push out a payroll services tax holiday via executive order, there's no guarantee workers will pocket any money. Congress is hashing out the details of the next coronavirus relief package, and lawmakers on both sides of the aisle have been cool to the payroll services tax cut idea. Payroll services taxes are shared by workers and employers. Each is responsible for half of the 12.4% tax that funds Social Security and the 2.9% Medicare tax. More from Your Money, Your Future: Why IPOs like Rocket Companies can be a tricky play for investors Pros and cons of using Roth IRA to fund home purchase here are the hidden benefits of a Roth IRA conversion. Trump has said that he can suspend their collection. "I can do that through an executive order," he said at a White House press briefing on Monday. "So we'll be talking about that." However, passing on the savings from a payroll services tax cut to workers could be easier said than done, even with an executive action, tax experts said.