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payroll tax deferral options August 2020
On August 8, 2020, President Trump directed the Treasury secretary to defer the withholding, deposit and payment of employee Social Security taxes for wages paid from September 1 through December 31, 2020. From what I understand -- The deferral under the president’s directive would apply to employee Social Security taxes for certain wage earners on wages paid from September 1 through December 31, 2020. Deferring the collection of Social Security taxes would not result in a reduction or elimination of the Social Security tax for an employee. Rather, it would shift the payment of that tax from 2020 to 2021.