Trumps executive orders

Discussion in 'Off-topic' started by atlsrt44, Aug 9, 2020.

  1. Malum Prohibitum

    Malum Prohibitum Moderator Staff Member

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    From the link:


    Sec. 2. Deferring Certain Payroll Tax Obligations. The Secretary of the Treasury is hereby directed to use his authority pursuant to 26 U.S.C. 7508A to defer the withholding, deposit, and payment of the tax imposed by 26 U.S.C. 3101(a), and so much of the tax imposed by 26 U.S.C. 3201 as is attributable to the rate in effect under 26 U.S.C. 3101(a), on wages or compensation, as applicable, paid during the period of September 1, 2020, through December 31, 2020, subject to the following conditions:​

    (a) The deferral shall be made available with respect to any employee the amount of whose wages or compensation, as applicable, payable during any bi-weekly pay period generally is less than $4,000, calculated on a pre-tax basis, or the equivalent amount with respect to other pay periods.

    (b) Amounts deferred pursuant to the implementation of this memorandum shall be deferred without any penalties, interest, additional amount, or addition to the tax.​
     

  2. moe mensale

    moe mensale Well-Known Member

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    Payroll taxes are computed on gross wages.
     
  3. Savannah Dan

    Savannah Dan Cross-drawer

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    Deferring taxes is going to bite a lot of people in the butt. A LOT of people.
     
  4. StarJack

    StarJack Well Aged Member

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    Last edited: Aug 13, 2020
  5. StarJack

    StarJack Well Aged Member

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    Should have never come into existence in the first place. I think the best thing Trump could do would be to eliminate all payroll taxes. Make every body write a check every year!

    Oh my! Lions and tigers and bears! :devil::uzi::groupprotest:
     
  6. Deepocean

    Deepocean Member

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    ...... "made available......." so payroll will have to deal with everyone individually. I'm not in payroll and don't use the software but I imagine that's gonna be tough to deal with.
     
  7. OWM

    OWM Well-Known Member

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    Not to worry Intuit will have a fix for a price an exorbitant price.