I called my company's payroll division with the intention of telling them that I want no part of trump's scheme, and to instruct them to keep on withholding taxes as per my instructions on form W4.
The voice on the other end of the phone reassured me that "....no, we aren't falling for that and have no intention of doing that to our employees."
I was relieved to hear that.
Here is a little tidbit I gleaned from the internet:
"Employers are required to repay the deferred taxes beginning Jan. 1
Employers who suspend collection of eligible employees' Social Security payroll taxes during the four-month suspension period must repay the deferred taxes to the IRS from Jan. 1 through April 30, 2021. Employers can fulfill this obligation by collecting additional taxes from the workers’ paychecks early next year. Employers should explain to employees that this collection will result in smaller paychecks during the first four months of the year."
So, is anyone falling for this scheme?
The voice on the other end of the phone reassured me that "....no, we aren't falling for that and have no intention of doing that to our employees."
I was relieved to hear that.
Here is a little tidbit I gleaned from the internet:
"Employers are required to repay the deferred taxes beginning Jan. 1
Employers who suspend collection of eligible employees' Social Security payroll taxes during the four-month suspension period must repay the deferred taxes to the IRS from Jan. 1 through April 30, 2021. Employers can fulfill this obligation by collecting additional taxes from the workers’ paychecks early next year. Employers should explain to employees that this collection will result in smaller paychecks during the first four months of the year."
So, is anyone falling for this scheme?