2020 – 08/19 September starts in two weeks and there’s still no guidance from U.S. Treasury Secretary Steven Mnuchin on how to implement the payroll tax holiday announced on Aug. 8. In an executive memorandum, President Trump directed that Social Security taxes be deferred from some employees’ paychecks from Sept. 1 through Dec. 31, 2020. It applies to employees making less than $104,000 a year. At this point, the taxes would just be deferred, meaning they’ll still have to be paid. However, the president directed Mnuchin to “explore avenues, including legislation, to eliminate the obligation to pay the taxes.” The action also directed Mnuchin to issue guidance on how the deferral should work.
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