Navigating the payroll tax holiday

Discrepancyform · Aug 21, 2020

Are you set to deal with this tax holiday?

Are you letting employees opt out?

Are you ignoring it all together?

Does anyone know what’s going on?

I’d say try to not let this get political but... something, something, never mind.

Edit: words are hard

alphonso · Aug 22, 2020

I'm ignoring it on the advice of my accountant.

guest · Aug 22, 2020

^^^ I think that's good advice.

I would definitely explain it to any employee that wanted to take it now that it will have to be paid back at tax time. It's just a deferral...

Anyone who doesn't take it now- if it's made permanent, they will get a refund for the money that was withheld.

doug925 · Aug 24, 2020

My accountant warned me off as well.
The business owner ~could~ end up having to repay the taxes, if the employee falters.
Vague wording in the plan as a whole.

I strongly suggested to my employees to opt out. It causes a payroll nightmare, and I don't want to deal with that.
Congress will NEVER approve forgiveness, as it would be a tax rate cut, and Democrats are lithe to cut taxes, no matter what the Administration says. (the last, run-on sentence, was not political at all. Please do not treat it as such)

Doug.

Bill D · Aug 26, 2020

doug925 said:
My accountant warned me off as well.
The business owner ~could~ end up having to repay the taxes, if the employee falters.
Vague wording in the plan as a whole.

I strongly suggested to my employees to opt out. It causes a payroll nightmare, and I don't want to deal with that.
Congress will NEVER approve forgiveness, as it would be a tax rate cut, and Democrats are lithe to cut taxes, no matter what the Administration says. (the last, run-on sentence, was not political at all. Please do not treat it as such)

Doug.

And republicans are also reluctant to cut taxes except for the highest brackets.

Scruffy887 · Aug 27, 2020

Not having anything to do with it. And NO if any employee asks me. Hollow promise. It will not ever get forgiven or made permanent no matter who is in office. Same with the extra $400.00 that is turning into $300.00 because the states have run out of money. Fed kicks in $300.00 taken from FEMA. But FEMA will be busy with a hurricane about now.

broke · Aug 27, 2020

I have a hunch it is going to hurt more small business than it helps.

I don't see any benefit to it if a business is operating with close to normal revenues.

Mike1974 · Aug 27, 2020

As an employee, I will be very upset if I can't opt out! I am still not sure what is going to happen with the $2400 stimulus money (tax credit?) we got when it's tax time...

Discrepancyform · Aug 27, 2020

yoke said:
I have a hunch it is going to hurt more small business than it helps.

I don't see any benefit to it if a business is operating with close to normal revenues.

This is for the employees portion of payroll (ssi + Medicare) that comes out of their check not the businesses portion of it

chuckg7442 · Sep 28, 2021

Bill D said:
And republicans are also reluctant to cut taxes except for the highest brackets.

It's funny how the middle class gets it coming and going like we were middle management. My last place of employment had a few hand gestures to go with the term middle management, but they don't make those emojis.

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