Deferment means I get to put an extra $200 a paycheck in a savings account and if Biden wins I pay it back and if Trump wins I keep It.
If I was a low wage working stiff, and my wife has lost her restaurant job, that extra 400/mo into my check means a lot to a family that’s not getting another Covid stimulus check.
Search for Trump’s recent tweet re: how he will eliminate payback.
Nah, if the wife lost the job she gets unemployment. Plus, the stimulus is based on last years taxes so if she was working she got the stimulus in full.
What’s more, a low wage stiff can’t afford to pay back double next year. That would actually cripple them financially.
Ultimately, a deferment sounds good, but does very little for the long term and would actually hurt more than it will help. Again, if the spouse lost the job, she’s banking unemployment as the safety net.
I made this call for our company. There’s not enough clarity to pull the trigger, so I left it as is. We are not keeping the money. This deferral is for the social security portion of FICA. We will continue to remit the employee’s portion per usual. For me, I didn’t like the risk of potentially doubling up the deferred taxes on employees at the beginning of 2021, and we weren’t going to eat it.
My folks run a small business and are Trump supporters. They are not enrolling in the payroll tax because the risk of having to pay that money back is too big. If employees leave the company then they would be on the hook for all of it come next year.
I'm going to have to look all this up but I'm pretty sure that you'll be owed the money once it's confirmed that it's no longer a "tax deferment" but an actual cut.
I know it's tough to have depended on it, but it would be worse if it doesn't wind up getting forgiven come tax season. I am a little irked too that I'm not getting it right now either but knowing how it's a "tax deferment" I'm not too upset either since that means it could wind up being something I owe later down the line.
What they legally should be doing is taking that money for your tax withholdings and come tax time, should it become forgiven (which it probably will since our president is going to get reelected), you'll get that money back via tax return. If it's not forgiven, then you'll be ok during tax time since it was already withheld.
You should be able to force the deferment if you want by adjusting your taxes with your employer. Just be careful and save that extra money should you need to pay it back.
As an employee of my own company I was able to get the $1200, but otherwise I have taken it in the shorts due to major revenue losses. Sucks to take a hit and then still write the 941 check every quarter.
They aren’t taking your money in any form. You will have to pay the deferment back in the future and this will prevent you from having to pay current taxes plus the deferment.
Now, if Trump wins and is able to completely forgive the deferment, you will receive that 7% or so of your salary in a lump sum.
I think it is probably a good idea to wait and see if the payroll tax holiday becomes permanent. In my situation, I will have to pay taxes anyway. I don't was another thousand dollars added to what I owe if Trump can't get congress to make the holiday permanent.
They can. From my limited understanding it becomes a bit of a mess for them if they pass through the savings and then have to claw it back (through payroll deductions), much easier to just hold it back now and release it once it becomes permanent. May be for process reasons as much as anything.
Yes. Never take a government handout. Here in Canada its called CERB and conservatives hate it because we know it is going to roll into “universal basic income” so these socialist lazy fucks never go back to work, we get 15% unemployment and higher taxes to pay. But in the US i notice conservatives seem to support the TrumpBucks. Never accept a handout if you are capable of working regardless who is at the helm.
There is potential interest on the escrow account, but it is pittance comparatively.
The reality is, this tax will likely have to be paid back and skipping the step of asking for it back from employees after they’ve spent it will save a buttload of headaches and penalties.
You think Trump doesn't know that. Only leftist cunts would keep YOUR TAX KONEY BECAUSE OF FUCKING POLITICS.
Dems will fucking lose the mid-terms if they challenge these tax breaks after a ducking pandemic and what's sure to be a mild recession (for GDP).
BS.
Not sure you understand what deferment means.
Deferment means I get to put an extra $200 a paycheck in a savings account and if Biden wins I pay it back and if Trump wins I keep It.
If I was a low wage working stiff, and my wife has lost her restaurant job, that extra 400/mo into my check means a lot to a family that’s not getting another Covid stimulus check.
Search for Trump’s recent tweet re: how he will eliminate payback.
Nah, if the wife lost the job she gets unemployment. Plus, the stimulus is based on last years taxes so if she was working she got the stimulus in full.
What’s more, a low wage stiff can’t afford to pay back double next year. That would actually cripple them financially.
Ultimately, a deferment sounds good, but does very little for the long term and would actually hurt more than it will help. Again, if the spouse lost the job, she’s banking unemployment as the safety net.
I made this call for our company. There’s not enough clarity to pull the trigger, so I left it as is. We are not keeping the money. This deferral is for the social security portion of FICA. We will continue to remit the employee’s portion per usual. For me, I didn’t like the risk of potentially doubling up the deferred taxes on employees at the beginning of 2021, and we weren’t going to eat it.
This is what my company explained as well. Employees would have to pay back the Social Security eventually. I don't know if it's correct but I get it.
My folks run a small business and are Trump supporters. They are not enrolling in the payroll tax because the risk of having to pay that money back is too big. If employees leave the company then they would be on the hook for all of it come next year.
I'm going to have to look all this up but I'm pretty sure that you'll be owed the money once it's confirmed that it's no longer a "tax deferment" but an actual cut.
I know it's tough to have depended on it, but it would be worse if it doesn't wind up getting forgiven come tax season. I am a little irked too that I'm not getting it right now either but knowing how it's a "tax deferment" I'm not too upset either since that means it could wind up being something I owe later down the line.
What they legally should be doing is taking that money for your tax withholdings and come tax time, should it become forgiven (which it probably will since our president is going to get reelected), you'll get that money back via tax return. If it's not forgiven, then you'll be ok during tax time since it was already withheld.
You should be able to force the deferment if you want by adjusting your taxes with your employer. Just be careful and save that extra money should you need to pay it back.
The tax is only deferred not eliminated. If you get the deferment you better save that 6.5% or you will be a very unhappy camper come tax season.
Just looking at these comments alone says that its a safe bet that it is a complicated issue that most companies do mot want to deal with.
As an employee of my own company I was able to get the $1200, but otherwise I have taken it in the shorts due to major revenue losses. Sucks to take a hit and then still write the 941 check every quarter.
They aren’t taking your money in any form. You will have to pay the deferment back in the future and this will prevent you from having to pay current taxes plus the deferment.
Now, if Trump wins and is able to completely forgive the deferment, you will receive that 7% or so of your salary in a lump sum.
I think it is probably a good idea to wait and see if the payroll tax holiday becomes permanent. In my situation, I will have to pay taxes anyway. I don't was another thousand dollars added to what I owe if Trump can't get congress to make the holiday permanent.
They cant do that. Whst would the purpose be? It only hurts the employees.
They can. From my limited understanding it becomes a bit of a mess for them if they pass through the savings and then have to claw it back (through payroll deductions), much easier to just hold it back now and release it once it becomes permanent. May be for process reasons as much as anything.
Yes. Never take a government handout. Here in Canada its called CERB and conservatives hate it because we know it is going to roll into “universal basic income” so these socialist lazy fucks never go back to work, we get 15% unemployment and higher taxes to pay. But in the US i notice conservatives seem to support the TrumpBucks. Never accept a handout if you are capable of working regardless who is at the helm.
They're keeping your money so they can spend/invest until EOY and then turn a buck off it.
There is potential interest on the escrow account, but it is pittance comparatively.
The reality is, this tax will likely have to be paid back and skipping the step of asking for it back from employees after they’ve spent it will save a buttload of headaches and penalties.