Payroll Tax Deferral: Proceed With Caution

The latest panacea to the pandemic is the Payroll Tax Deferral, whereby employers can opt not to withhold the Social Security tax (Medicare must be continued to be withheld) on employees whose annualized salary does not exceed $104,000 ($2,000 per week). Deferral is the key word here! The deferral period of the 6.2% tax began on September 1, 2020 …

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