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Payroll Tax Guidance

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posted on Aug, 30 2020 @ 10:56 PM
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a reply to: Phage

Makes you wonder if you say to decide to leave the company in December, and join a new one in January, it's going to screw over your employer. That might be an interesting decision to make come Christmas time.

Edit: Not that I would ever do something like that, but what would be the recourse from the employer? Maybe seizure of the last paycheck of the year, which I could see starting a legal issue.
edit on 8/30/20 by Hypntick because: Additional info




posted on Aug, 31 2020 @ 12:54 PM
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a reply to: Hypntick

Much has been said about this "tax break" also being helpful for employers by reducing their tax burden.

But the "guidance" only refers to withholding, it does not appear that employers are provided the same deferral option as employees. The employer's FICA deposits still must be made in a timely manner.


The deposit obligation for employee social security tax does not arise until the tax is withheld. Accordingly, by postponing the time for withholding the employee social security tax, the deposit obligation is delayed by operation of the regulations. Thus, this notice does not separately postpone the deposit obligation.


Shell game, and the pea is not revealed until after the election.


edit on 8/31/2020 by Phage because: (no reason given)



 
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