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The Consequences of the Payroll Tax Deferral–A Reminder
Here’s a quick reminder from The Motley Fool’s Sean Williams concerning President Trump’s August executive action to allow deferral of FICA tax obligations from the last four months of 2020. If you’re employer elected to do that implement than option, or if you’re self-employed and elected to take advantage of it, remember that the deferred–deferred is the keyword here–are due and payable in 2021. Williams’ article also provides an update on the parameters associated with the Social Security Earnings Test, so check it out. Read the article here…
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