payroll tax

As employees of small businesses get their first September paychecks, they’re probably receiving their usual amount _ company owners are still withholding money for Social Security despite a presidential order allowing the tax to be deferred.

The Trump Administration’s Payroll Tax deferral program goes into effect today meaning you could have a larger paycheck in the next few weeks. But it’s not free money like the stimulus checks. Deferring those taxes will have big implications come the spring, as NBC10’s Tim Furlong explains.

Workers who participate in President Donald Trump’s payroll tax deferral will see a temporary increase in their take-home pay, but they’ll likely see smaller paychecks in early 2021. Sept. 1 marks the first day of Trump’s payroll tax deferral for employees, which he had handed down in an executive order in early August. The holiday is in effect until...

The IRS issued long-awaited guidance on President Donald Trump’s payroll tax deferral Friday night. And it appears to put the onus on employers to collect any taxes due after the holiday ends. 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…

Economic experts are warning that President Trump’s executive order suspending the payroll tax could have a major impact on your future tax returns. It defers the roughly six-percent tax that is collected every time you get paid, but you will still have to pay your taxes in full, later.

President Trump signed executive orders Saturday aimed at providing coronavirus relief to struggling families and businesses. Among the orders is $400 a week in expanded unemployment benefits, partly paid for and distributed by each state. It’s unclear which states can afford it, how fast money can be sent out, or if it’s even constitutional.

Even as President Donald Trump pushes out a payroll tax holiday via executive order, there’s no guarantee workers will pocket any money. Congress has been hashing out the details of the next coronavirus relief package, and lawmakers on both sides of the aisle have been cool to the payroll tax cut idea. Payroll taxes are shared by workers and...