Yes, it's just that your employer is not deducting more than you owe, hence the tax refund at the end of the year. And you won't be giving the government an interest-free loan every week.
I'm not so sure that's true. My understanding is that Trump is allowing "employers to defer payment of the employee portion of payroll tax", which means that you would still have to withhold income tax from your paycheck (FICA, federal, and state taxes), but the employer does not have to remit the taxes until a later date if they elect to do so. It essentially allows business to have more cash in the near-term, but they have to be careful because eventually they will have to pay the tax when it becomes due. Please correct me if I am wrong.
Means you keep more of what you make.
Yes, it's just that your employer is not deducting more than you owe, hence the tax refund at the end of the year. And you won't be giving the government an interest-free loan every week.
But you can choose your withholdings (allowances). I don't see how this helps the average worker. I'm happy to be wrong.
Can someone pls answer this dude I just wanna know if imma make more money
This is the social security and I believe medicare part of the taxes so your withholdings won't affect it
I'm not so sure that's true. My understanding is that Trump is allowing "employers to defer payment of the employee portion of payroll tax", which means that you would still have to withhold income tax from your paycheck (FICA, federal, and state taxes), but the employer does not have to remit the taxes until a later date if they elect to do so. It essentially allows business to have more cash in the near-term, but they have to be careful because eventually they will have to pay the tax when it becomes due. Please correct me if I am wrong.