- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Trump's EO to defer payroll tax
Posted on 8/8/20 at 5:36 pm
Posted on 8/8/20 at 5:36 pm
how much would that translate to extra take home? 5 or 10 % more of paycheck?
9
Posted on 8/8/20 at 5:39 pm to Northwestern tiger
Employee payroll taxes are usually at 7.65% for at least the first $137,700 (I think the social security limit) although certain certain cafeteria plan benefits (e.g., health insurance premiums) aren’t subject to payroll taxes.
Posted on 8/8/20 at 5:48 pm to Northwestern tiger
Unfortunately, it's only for the poors.
This post was edited on 8/8/20 at 5:48 pm
Posted on 8/8/20 at 5:50 pm to Northwestern tiger
Only applies to those making less than $100k.
Posted on 8/8/20 at 6:10 pm to go ta hell ole miss
Also, is it a forgiveness or a deferment? Because if it's only deferred, you'd still owe that amount come tax time.
Posted on 8/8/20 at 6:28 pm to go ta hell ole miss
I thought it was deferred for income up to $100K?
Posted on 8/8/20 at 6:29 pm to OleVaught14
Would filing single or jointly matter for this? Like if my wife makes less than 100k if she gonna have the advantage
Posted on 8/8/20 at 6:29 pm to DallasTiger11
Is the 100k for combined income?
Posted on 8/8/20 at 6:42 pm to DallasTiger11
quote:
I thought it was deferred for income up to $100K?
It is a deferment. It’s technically up to $104k in income. Only Congress can actually cut taxes legally. The President does have the power delay tax collections, which he did here. He will move to have them forgiven if re-elected. He also wants to move to further cut the payroll tax, but I am not sure how SS could afford that.
Posted on 8/8/20 at 6:44 pm to go ta hell ole miss
quote:
It is a deferment
So are businesses just going to hold the amount in escrow, or will individuals need to be aware of the I coming tax liability?
It seems like this is creating a situation where people who aren't paying attention could be blindsided by a major tax liability
Posted on 8/8/20 at 6:46 pm to OleVaught14
(no message)
This post was edited on 4/11/23 at 2:47 pm
Posted on 8/8/20 at 6:59 pm to OleVaught14
quote:
So are businesses just going to hold the amount in escrow, or will individuals need to be aware of the I coming tax liability?
Not legally they won’t, and that would have no impact on getting money to people to spend. Individuals need to be aware of this. I am not sure how it’s blindsiding, but I suppose that could be suggested. It happened previously under the stimulus package President Bush sent out. It was really just an early refund.
As others have suggested, in this environment anyone that would not agree to make them permanent will be committing political suicide. Elections would have already passed in December, though.
This post was edited on 8/8/20 at 7:02 pm
Posted on 8/8/20 at 7:15 pm to Northwestern tiger
we are going to print this week thank you Mr President $$$
who was that one guy who went all cash lol over for him
who was that one guy who went all cash lol over for him
Posted on 8/8/20 at 7:19 pm to DallasTiger11
Is the 100k before or after taxes?
Posted on 8/8/20 at 7:21 pm to go ta hell ole miss
quote:
Individuals need to be aware of this. I am not sure how it’s blindsiding, but I suppose that could be suggested.
Realistically how many people are going to know what this EO entails and understand the difference between a deferment v. thinking its just free money.
Sure realistically Congress will forgive it, but if something happens and they do not I'd wager 75% of the population would suddenly be blindsided by the liability and unable to come up with 3k to pay the tax.
Posted on 8/8/20 at 8:33 pm to Northwestern tiger
How does this affect Roth IRA?
Posted on 8/8/20 at 8:46 pm to Northwestern tiger
One thing I expect you will see out of this is more bonuses being paid during this period. It puts more money in the employees pocket and is discounted slightly by the employer.
Posted on 8/8/20 at 8:53 pm to TimeOutdoors
"A person who makes 40K a year will make $3000 extra and at the same time will be $3000 cheaper for the employer".
Heard Steve Forbes say that on Foxnews
Heard Steve Forbes say that on Foxnews
This post was edited on 8/8/20 at 8:58 pm
Posted on 8/8/20 at 9:03 pm to Northwestern tiger
I heard 100k cutoff and I heard 137k. I’m assuming this is 100k pre-tax. Seen anything official?
Posted on 8/8/20 at 9:15 pm to Northwestern tiger
I guess those with pensions that don’t pay SS are out of luck
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News