The is nothing to do regarding the tax deferral executive order, at present.
Until there is direction from the government how employers are to implement the order, keep withholding and remitting Social Security and Medicare taxes.
The order's beginning date is not until Sept 1. The order could be challenged in court. As written, it is possible the deferral will be optional. There simply is not enough information known at present to be certain.
Remember, the order is a tax "deferral". At some point, unless there is a law change, the money will be owed by both the employee and the employer.
There is a seemingly reasonable opinion that barring ruling waiving the tax, many employees will choose NOT to defer to avoid a hefty tax bill Jan 1, 2021 (when the deferral, as written, expires).
Thanks to Medlin Payroll Software for the concise explanation of the executive order.
Thank you sharing nice content about payroll services and processing. Here they explained very well about payroll services and why it is essential to most of the companies. Nice Blog.
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Great article on the payroll tax deferral executive order! As the author rightly points out, the temporary deferral of payroll taxes could provide some relief for employees, but it's important to understand the potential downsides and implications of this policy. The author does a good job of outlining the potential risks for employees and employers, including the possibility of a larger tax bill later on. It's important for individuals and businesses to carefully consider their options and consult with financial professionals before making any decisions related to payroll taxes.Payroll Software India Thanks for sharing this informative post!
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