We’ve written many past PayDay newsletters about PPP loans while the вЂњpayroll taxation holiday,вЂќ all of these are available at our internet site weblog. Since 2-3 weeks have actually passed away with very little discussion about PPP loans or the ill-fated вЂњpayroll taxation getaway,we go!вЂќ we thought that an вЂњupdateвЂќ about both of these topics was in orderвЂ”вЂ“so here!
PAYROLL taxation HOLIDAYвЂ”-DEFERRING WORKER FICA TAXESвЂ”WHATвЂ™S UP?
The employer that is only know about this is certainly applying the PresidentвЂ™s вЂњpayroll tax getawayвЂќ is the government. Major companies including the continuing state of Indiana, JP Morgan Chase, UPS, etc. have all suggested they’re not going to provide the вЂњpayroll taxation getawayвЂќ at the moment. The final outcome by companies, both big and tiny, is the fact that implementation of this deferred FICA taxes for workers isn’t advantageous to anybodyвЂ”-employees would be caught off-guard whenever their paycheck falls in due to withholding double FICA tax, and employers are вЂњon the hookвЂќ for the FICA taxes of employees who fail to repay their вЂњFICA tax loansвЂќ early 2021 january.