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Deferment of Employer Payroll Tax Payments

Posted by: Zaher Fallahi
Posted On: May 01, 2020

Deferment of Employer Payroll Tax Payments

This deferment provision allows employers and self-employed individuals to delay paying their share of the Social Security payroll tax (6.2% up to $137,700 for 2020) on their employees’ compensation between March 27, 2020 and December 31, 2020. It requires that the deferred employment tax be paid over the following two years; 50% of the amount by December 31, 2021 and the other 50% by December 31, 2022.  Deferral of employment tax payments

Comment: This is another tax relief and helps businesses with their cash flow.