Many Americans Will See Boost In Paychecks As Payroll Tax Holiday Begins

PHILADELPHIA (CBS) -- Many Americans will see a boost in their paychecks starting today as a nationwide payroll tax holiday begins. The mandate defers the 6.2% tax that employees pay for social security.

Employers are responsible for deferring and eventually paying that tax. The holiday will only last through the end of the year.

But, workers may see smaller paychecks early next year as companies withhold more to pay the IRS.