Is the Temporary Deferral of Employee Payroll Tax Worth It?

President Trump issued a Presidential Memorandum on August 8, 2020, that directs the Treasury Secretary to use his authority to defer the withholding, deposit and payment of employees’ portions of Social Security taxes from September 1 through December 31, 2020. The goal is to put more money in the pockets of workers during the COVID-19 pandemic emergency. The deferral applies to the 6.2% tax on wages or compensation paid for a bi-weekly pay period of less than $4,000 or the equivalent threshold amount for other pay periods. In other words, employees with annual wages up to $104,000 are generally eligible for the deferral. Just a few days before the start of the deferral period, the IRS ha

Featured Posts
Recent Posts
Archive
Search By Tags
Follow Us
  • LinkedIn Social Icon
  • Facebook Basic Square
  • Twitter Basic Square

TaxUSign​, LLC

A Virtual Tax Firm


Mailing Address:

P.O. Box 5887

Kent, WA 98064

Tel: 253.234.7180

Office Hours: 

M, T, Th 9:00am - 5:00pm

W 9:00am - 6:00pm

Open Year-Round

Client Login
Subscribe to our blog to receive the latest tax updates. 

© 2020 by TaxUSign, LLC. All rights reserved. 

  • LinkedIn
  • Facebook
  • Pinterest
  • YouTube