While you guys are so focused on yet another DTV sale rumor, Trump's payroll tax cut takes effect tomorrow. According to the treasury, the Employers will be paying the employees behalf for the remainder of the year. Now the question I have is if ATT is planning on charging us that tax money in early 2021 or just doing us a solid and just eat up the deferment and we dont have to pay anything?
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There should be an "Opt-In" or "Opt-Out" clause to this PR stunt. I would choose to opt-out - keep taking my contribution so I don't have to muck around with the pay back next year. No difference from when the IRS tax due date got pushed out - I still made sure I filed before April 15th.
This does nothing for those that lost their jobs.
Don’t forget it’s also based on salary. So if you do six figures forget the deferred taxes. Ofcourse in long run, will be better cause won’t have to repay them next year.
This is a great deal if, and it is a big if, you have the means to use this money and invest for a significant return between now and when taxes are due next year. The likelihood is that tax deferment is only that, and not permanent, you will pay it sooner or later. Most people to living from pay check to pay check, but you might be special.
Will AT&T do you a solid, not with this management and not in this climate of cost cutting. They are all cheers for corporate tax cuts, but not for the little guys. And if you think Trump will do you a solid, you must've brought Trump University stocks, good on you.
President Trump issued an executive order to defer the 6.2% tax employees pay toward Social Security from Sept. 1 until Dec. 31. This is only a deferral — not forgiveness of the tax owed.
The IRS issued guidance late last week, placing the responsibility on employers for collecting the tax deferred. It must be paid by April 30, or else penalties, interest and other taxes will apply.
Employees who partake in the payroll tax deferral would enjoy a temporary boost in their take-home pay for the remainder of the year. However, they will see smaller paychecks early next year as employers withhold and pay the deferred amount to the IRS.
Is this really going into effect?
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