Effective For Payroll Paid Between 9/1/2020 and 12/31/2020

 

You will not have to withhold, deposit or pay either portion of the Social Security Tax (OSADI) for employees whose wages are less than $4,000 on a biweekly payroll or equivalent amount with respect to other pay periods.

At the moment, IT IS JUST A DEFERRAL, however, the Order states:  

“The Secretary of the Treasury shall explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred pursuant to the implementation of this memorandum.”

 

Executive Order: https://www.whitehouse.gov/presidential-actions/memorandum-deferring-payroll-tax-obligations-light-ongoing-covid-19-disaster/

 

Archived from the Hot Topics page.. originally published 08/08/2020.

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