Payroll Tax Referral and How It Will Affect Your Paycheck
President Donald Trump signed 4 Executive Orders today, according to a WGRZ News report, with one of those orders possibly making it so that you receive more in your paycheck. Why this is being done is not clear, to me, however, I do realize it's election time and well....
It doesn't sound as though this deferment is something employees get to decide upon...at least that's how it sounds. I'm pretty sure this option, which is an option, is for employers to roll out and is not necessarily the choice of the employee. The WGRZ Article quotes A’Shira Nelson, tax manager at Apple Growth Partners. as saying this:
“Each business has to decide if they’re going to actually defer this tax or if they’re going to continue business as normal,” said Nelson. “They’re not obligated, at this time, to defer.”
This is great news for anyone, according to the Executive Order, make under $4000 bi-weekly then you're subject to having your FICA or SSI Tax-deferred. Deferred is pretty much equivalent to borrowing money and paying it back later...which is exactly what will happen
Some advice from A’Shira Nelson, tax manager at Apple Growth Partners, according to WGRZ News is to save the extra money you may get in your check so that next year when it's time to pay the money back, it'll be easy to pay everything back in one lump sum.