President Donald Trump’s payroll tax deferral took effect on September 1. The deferral allows employees to delay until Dec. 31 paying the 6.2% tax that comes out of paychecks for Social Security.
We are advising employers against implementing it because the burden is on the employer to collect and remit the extra taxes in January – April 2021. Here’s a brief presentation on how it works for employees, and what employers might be considering. Please contact us with any questions regarding the program.