re: Payroll tax EO details.

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So if my check is 4500 bi weekly I’d only pay the tax on the 500 part?

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That is my understanding.

Haven’t read the details but does the matching company dollars also get deferred?

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Somebody please explain this in language other than "lawyer-speak".

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Basically you won’t have to pay into social security and Medicare . You still have to pay state taxes as well as other federal income taxes . From what I gathered , but I could be wrong .

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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).

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To me it reads that if a persons paycheck is at or lower than 4k gross then they are exempt from the tax. Over 100k per year no exemption

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To me it reads that if a persons paycheck is at or lower than 4k gross then they are exempt from the tax. Over 100k per year no exemption


Only that

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If you make over $4000 the remaining will be subject to payroll tax


So reads the first 4K is exempt and after is taxes

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I hope this is correct

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Deferring does nothing but kick the can down the road.

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So does printing money to pay for stimulus.

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Basically you won’t have to pay into social security and Medicare

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So essentially we are expediting the bankruptcy of both public Ponzi schemes

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Bigger question, does Trump do away with PT's for good?

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He stated he would multiple times today... If he's reelected.

Yes

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But those who get paid on a monthly basis...if they make, say $6000/month, gross, only anything after $4000 will be taxed? Only $2000 would be taxed?

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To me, $6000 per month is $72,000 per year. Well under the $100,000. I wouldn't think they would be taxed at all.