President Donald Trump signs one of four executive orders addressing the economic fallout from the COVID-19 pandemic at his Trump National Golf Club in Bedminster, N.J., Saturday, Aug. 8, 2020. Trump signed the executive orders and bypassed the nation's lawmakers as he claimed the authority to defer payroll taxes and replace an expired unemployment benefit with a lower amount after negotiations with Congress on a new coronavirus rescue package collapsed. (AP Photo/Susan Walsh)
Susan Walsh/AP
Susan Walsh/AP
President Donald Trump signs one of four executive orders addressing the economic fallout from the COVID-19 pandemic at his Trump National Golf Club in Bedminster, N.J., Saturday, Aug. 8, 2020. Trump signed the executive orders and bypassed the nation's lawmakers as he claimed the authority to defer payroll taxes and replace an expired unemployment benefit with a lower amount after negotiations with Congress on a new coronavirus rescue package collapsed. (AP Photo/Susan Walsh)
In early August, President Trump signed a memorandum allowing for the deferment of employees payroll taxes. This action was intended to “put money directly in the pockets of workers,” while Congress deliberated a new stimulus package.
Employers have the option to defer withholding the employee portion of social security tax payments from September 1, 2020 through December 31, 2020. Any deferred taxes, must be repaid, though, and that bill is due beginning January 1, 2021, through April 30, 2021.
The devil in this plan is indeed in the details. The deferral is optional for private employers to implement, but not for federal employees.
The Presidential directive allows for a tax payment deferment, but does not currently allow for tax forgiveness.
How will this impact your paycheck and social security? Appearing on Smart Talk to offer details are Michael G. Radich, CPA, member of the Pennsylvania Institute of Certified Public Accountants and Karen Young, President of HR Resolutions and a Senior Certified Professional with the Society of Human Resource Managers.
The blood supply in central Pennsylvania is in ‘critical condition,’ with some blood types at less than half of their normal levels.
Joining Smart Talk on Tuesday to give context to the situation are Patrick Bradley, President and CEO and Jay Wimer, Director of Community Relations, both with the Central Pennsylvania Blood Bank.
Please call us (1-800-771-0059) and schedule an appointment at a blood donation center or with a blood drive.
