Tag: Payroll tax

Deferral of Social Security Tax Withholdings

Written September 11, 2020 by Barbara Dillon

Categories: Payroll tax, Social Security, Social security taxes

On August 8, 2020, President Trump issued an executive order offering payroll tax deferral until the end of 2020. Deferral would begin on September 1, 2020 and employers could pause collecting the 6.2% employee portion of the social security tax on an employee’s annual wages for 2020.

COVID-19 Tax Implications

Written April 7, 2020 by Barbara Dillon

Categories: CARES Act, Coronavirus, COVID-19, Tax

The CARES Act grants a payroll tax credit for employment taxes owed by certain eligible employers. Employers may be able to defer the employer portion of any Social Security taxes for the period beginning on March 27, 2020, and ending before January 1, 2021.