Payroll tax deferral

The presidents payroll tax deferral started this month. You don’t have to pay your social security taxes for the rest of the year. But you have to pay it back next year.

Social Security isn’t being defunded.

I work for the IRS. I don’t want to owe more money next year when I do my taxes.

If I can’t pay it I could lose my job.

I still think it’s a bad idea but I can’t opt out of it.

My paycheck will get an extra bump for the rest of this year though.

Put the extra money away into an account if you have to basically pay it back next year. Obviously don’t spend it.

1 Like

It’s still not clear when you have to pay it back. They may take it out of your check all next year but if you have to pay it back when you do your taxes it’s due April 15th.

1 Like

Play safe. Don’t spend it whatever you do.

1 Like

I will try to save it. I always owe every year but now that I am not getting SSDI anymore I shouldn’t owe that much.

1 Like

Well it started today. I got paid $1850 today. Usually it’s just under $1700 every two weeks. Gotta stash that cash.

It’s still not clear how it will be paid back.

Our union is advising us it will probably be deducted from January to April of next year. Hopefully we get a good raise.

This topic was automatically closed 95 days after the last reply. New replies are no longer allowed.