Author Topic: Trump's payroll tax deferral may never hit some Americans' paychecks — here's why  (Read 263 times)

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Trump's payroll tax deferral may never hit some Americans' paychecks — here's why
Few companies are opting to participate in the tax holiday

    By Megan Henney FOXBusiness

President Trump’s plan to allow companies to temporarily defer their workers’ payroll taxes officially kicked off on Tuesday, but many Americans will likely never see a boost in their paycheck.

That’s because few companies are opting to participate in the tax holiday over concerns they could ultimately be on the hook for the money when it’s due next year.

“I would say that practically all of the retailers that we’ve heard from on this issue have decided that they’re not going to implement the deferral, or their company hasn’t made a decision yet,” Rachelle Bernstein, vice president of the National Retail Federation, told FOX Business.

In guidance issued by the IRS last week, the Trump administration put the onus of the tax deferral on employers. Although companies could stop withholding payroll taxes for workers earning less than $104,000 annually, employees still owe that money by the end of April 2021.

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https://www.foxbusiness.com/money/trumps-payroll-tax-deferral-may-never-hit-some-americans-paychecks-heres-why
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Offline LegalAmerican

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Trump's payroll tax deferral may never hit some Americans' paychecks — here's why
Few companies are opting to participate in the tax holiday

    By Megan Henney FOXBusiness

President Trump’s plan to allow companies to temporarily defer their workers’ payroll taxes officially kicked off on Tuesday, but many Americans will likely never see a boost in their paycheck.

That’s because few companies are opting to participate in the tax holiday over concerns they could ultimately be on the hook for the money when it’s due next year.

“I would say that practically all of the retailers that we’ve heard from on this issue have decided that they’re not going to implement the deferral, or their company hasn’t made a decision yet,” Rachelle Bernstein, vice president of the National Retail Federation, told FOX Business.

In guidance issued by the IRS last week, the Trump administration put the onus of the tax deferral on employers. Although companies could stop withholding payroll taxes for workers earning less than $104,000 annually, employees still owe that money by the end of April 2021.

more
https://www.foxbusiness.com/money/trumps-payroll-tax-deferral-may-never-hit-some-americans-paychecks-heres-why


I knew it was always about WITHHOLDING TAX.....not fica.  DEMON-RATS KEPT SAYING POTUS WAS REMOVING SOCIAL SECURITY.   That is NOT being touched.  WITHHOLDING ONLY.   If some won't get 'deferral' it means...THEY ARE ALREADY NOT PAYING ANY!   When I worked for construction company, as bookkeeper,  illegal hispanics would put down 12 kids....to avoid paying any withholding.  WITHHOLDING IS JUST YOUR PAY AS YOU GO PLAN ON YOUR INCOME.  If you receive back all of your withholding at 1040 tax return, over & over again...you don't need any withholding taken out.


Offline LegalAmerican

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People fill out a W-4 when they are hired.  On that you tell employer how  much withholding you want taken out.  EMPLOYERS ARE NOT ON THE HOOK....if you don't take out enough withholding.  That is between you and IRS.  THAT IS AN OUTRIGHT LIE BY THIS ARTICLE.  WITHHOLDING....is passed on to government, with matched fica tax by employer, every quarter.  WITHHOLDING IS NOT MATCHED.   I think, these employers want to keep the withholding as LONG AS THEY CAN...for their benefit. LIARS.

MANY EMPLOYERS DRAG THEIR FEET IN PASSING ON THE FICA , (MATCHED)  & WITHHOLDING FROM PEOPLE'S PAYCHECKS.

Some employers are using YOUR MONEY....as their capital to run the business.  You can see, why they don't want LESS WITHHOLDING. LESS MONEY FOR THEM TO USE FOR 3 MONTHS!  Or Longer.  They in essence, are stealing from you, if they don't pass it on to government on form 940, and 941.