The payroll tax holiday will kick off in two weeks. Your employer isn’t ready

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Employers and payroll companies have less than two weeks to put President Donald Trump’s payroll tax deferral in place. It’s looking like an uphill battle.

The president signed an executive order on Aug. 8 calling for a deferral of the employees’ portion of the payroll tax from Sept. 1 through the end of the year.

Currently, employers and employees share responsibility for a 12.4% levy that funds Social Security and a 2.9% tax to support Medicare.

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Original Article Source Credits:   CNBC , https://www.cnbc.com/

Article Written By:  Darla Mercado

Original Article Posted on:  AUG 21 2020

Link to Original Article:  https://www.cnbc.com/2020/08/21/payroll-tax-holiday-will-kick-off-in-two-weeks-and-your-employer-isnt-ready.html



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