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