Yeah, I've read it's a deferment (OANN covid relief orders). Just to add clarity: I would have to imagine the idea is that these taxes would become paid when you file your 2020 taxes ... fun fact: you can get a free filing extension on taxes, until Oct 15, so that's 9 months to figure out how to pay taxes, on income, that you would have always paid.
Another thing is that most people get tax refunds. Since this is 8/1 through 12/31, that's 33% of the year .. assuming you make $60,000 annually:
--$20,000 in income, during deferral period. The 7.65% payroll tax is not paid.
-That's $1,529.
If you normally make 60k, and get a 1.5k refund .. then, you're just not going to get a refund in January, unless something happens to push for permanent forgiveness.
Edit: fyi - in Trump's speech, he stated if he wins on Nov 3, he plans to forgive these taxes, pretty important info.
Yeah, I've read it's a deferment (OANN covid relief orders). Just to add clarity: I would have to imagine the idea is that these taxes would become paid when you file your 2020 taxes ... fun fact: you can get a free filing extension on taxes, until Oct 15, so that's 9 months to figure out how to pay taxes, on income, that you would have always paid.
Another thing is that most people get tax refunds. Since this is 8/1 through 12/31, that's 33% of the year .. assuming you make $60,000 annually: --$20,000 in income, during deferral period. The 7.65% payroll tax is not paid. -That's $1,529.
If you normally make 60k, and get a 1.5k refund .. then, you're just not going to get a refund in January, unless something happens to push for permanent forgiveness.
Edit: fyi - in Trump's speech, he stated if he wins on Nov 3, he plans to forgive these taxes, pretty important info.