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Started By
Message
Payroll tax EO details.
Posted on 8/8/20 at 4:19 pm
Posted on 8/8/20 at 4:19 pm
Sec. 2. Deferring Certain Payroll Tax Obligations. The Secretary of the Treasury is hereby directed to use his authority pursuant to 26 U.S.C. 7508A to defer the withholding, deposit, and payment of the tax imposed by 26 U.S.C. 3101(a), and so much of the tax imposed by 26 U.S.C. 3201 as is attributable to the rate in effect under 26 U.S.C. 3101(a), on wages or compensation, as applicable, paid during the period of September 1, 2020, through December 31, 2020, subject to the following conditions:
(a) The deferral shall be made available with respect to any employee the amount of whose wages or compensation, as applicable, payable during any bi-weekly pay period generally is less than $4,000, calculated on a pre-tax basis, or the equivalent amount with respect to other pay periods.
(b) Amounts deferred pursuant to the implementation of this memorandum shall be deferred without any penalties, interest, additional amount, or addition to the tax.
LINK
(a) The deferral shall be made available with respect to any employee the amount of whose wages or compensation, as applicable, payable during any bi-weekly pay period generally is less than $4,000, calculated on a pre-tax basis, or the equivalent amount with respect to other pay periods.
(b) Amounts deferred pursuant to the implementation of this memorandum shall be deferred without any penalties, interest, additional amount, or addition to the tax.
LINK
17
Posted on 8/8/20 at 4:21 pm to GumboPot
Damn it. Should have been a payroll tax cut for everyone
Posted on 8/8/20 at 4:22 pm to GumboPot
Give me the basics. I make over 100k, am I still paying the same rate of payroll tax? Or a break until 100k?
Posted on 8/8/20 at 4:23 pm to GumboPot
Deferment is a short term band aid that will be a gashing wound come 2021 if not forgiven.
Posted on 8/8/20 at 4:23 pm to GumboPot
So it appears that the first $4000 you make in a two week period that would be subject to payroll tax from September 1st to December 31st will be deferred.
If you already exceeded $137,700 this year then you will continue to pay no payroll taxes.
If you already exceeded $137,700 this year then you will continue to pay no payroll taxes.
Posted on 8/8/20 at 4:23 pm to GumboPot
dp
This post was edited on 8/8/20 at 4:24 pm
Posted on 8/8/20 at 4:24 pm to DiamondDog
quote:
DiamondDog
You’re “rich”. You’ll get nothing is my understanding. I don’t see where it says prorated but it could be a portion up to your max.
Posted on 8/8/20 at 4:25 pm to GumboPot
quote:
GumboPot
Thank you for clarifying.
Posted on 8/8/20 at 4:26 pm to DiamondDog
quote:
Give me the basics. I make over 100k, am I still paying the same rate of payroll tax? Or a break until 100k?
I believe the first $4000 you make in a two week period that is normally subject to payroll tax will be deferred. If you make over $4000 the remaining will be subject to payroll tax unless and until you exceed $137,700 in earnings and you pay no payroll taxes (but to go into a higher income tax bracket).
Posted on 8/8/20 at 4:29 pm to GumboPot
So it’s deferred. I’m going to see a tax bill if Congress doesn’t forgive it or Trump re-elected. Seems dicy for us.
Posted on 8/8/20 at 4:30 pm to GumboPot
quote:
September 1st to December 31st will be deferred.
4 months is better than no months
Posted on 8/8/20 at 4:30 pm to CDawson
quote:
You’re “rich”. You’ll get nothing is my understanding. I don’t see where it says prorated but it could be a portion up to your max.
If he makes $100K a year that's $3,836 every two weeks. He's going to get at least $231 back every paycheck. Possibly $294 every paycheck if the medicare portion of the payroll tax is deferred too.
Posted on 8/8/20 at 4:32 pm to DiamondDog
quote:
So it’s deferred. I’m going to see a tax bill if Congress doesn’t forgive it or Trump re-elected. Seems dicy for us.
Congress will forgive it unless they want to commit suicide.
Posted on 8/8/20 at 4:33 pm to GumboPot
What if you lose your job in September 
Posted on 8/8/20 at 4:34 pm to GumboPot
Somebody please explain this in language other than "lawyer-speak".
Posted on 8/8/20 at 4:34 pm to CDawson
quote:
Deferment is a short term band aid that will be a gashing wound come 2021 if not forgiven.
I agree. If you set it aside because it's only deferred, it's not helping the economy. If you spend it, you're screwed next April 15.
Will the Democrats agree to forgive it or will they screw everybody just to make Trump look bad?
Posted on 8/8/20 at 4:35 pm to GumboPot
Another bit of relief I’ll see none of.
Posted on 8/8/20 at 4:36 pm to GumboPot
Deferring does nothing but kick the can down the road.
Posted on 8/8/20 at 4:37 pm to GumboPot
So if my check is 4500 bi weekly I’d only pay the tax on the 500 part?
Posted on 8/8/20 at 4:39 pm to GumboPot
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