Payroll Tax Holiday may come to your paychecks Sept 1st 2020

Trump’s executive order calls for a payroll tax deferral from Sept. 1 to Dec. 31, 2020. The order only addresses the 6.2 percent employee’s share of Social Security taxes but doesn’t apply to the 1.45 percent employee’s share of Medicare taxes, according to a briefing released Tuesday by Wolters Kluwer. The payroll tax deferral only applies to employees with bi-weekly pre-tax income of less than $4,000. The Treasury Department is expected to issue guidance on how the deferral will work and address a number of uncertainties.

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Mike McVay. Accountant 850-725-5696 * Mike@MikeMcVay.com 
www.PensacolaFLTax.com 

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