What are your thoughts on Allstate’s choice to disregard the executive order to defer payroll taxes through the end of the year? I am frustrated. This should have been employee choice, not a corporate decision!
14 replies (most recent on top)
You want to get some extra money now and then have to pay it off by april next year and have potentially a tax liability as well. Kicking the can down the road only works for businesses
You do not want to do this. Possibly the only positive decision Allstate has done in years.
Very happy that Allstate didn’t go along with the stupid EO!
I was relieved. You'd have to pay it back next year. Accounting nightmare.
Corporations rule America not Americans.
Smart decision on a dumb thoughtless executive order
You would have to pay that money back. It’s truly silly to to that. One smart decision Allstate made.
First of all, it was not a mandate, it was an option. Second, you have to pay it back, so what would it buy you except double taxes next year? Third, if you leave your employment, the company still has to get that money back from you. Fourth, most companies cannot change their payroll system at the drop of dime, especially when they've outsourced their IT dept. I can't imagine any company that would do this.
I am so glad Allstate isn’t doing this. I remember in 2001 when we received the $600 early tax refund to stimulate the economy. I ended up paying it all back the next year when taxes were due. It was awful.
The decision should gave been given to the employees. If the payroll tax through the end of the year is later waived, will the company reimburse us those funds?
ThanK goodness excellent decision
Does anyone get it that the payroll tax funds social security?????
Stopping the payroll tax is a horrendous idea not only for individuals who will need to pay double taxes next year but for anyone that intends to have a viable social security system that assists you when you are retired...there is an attempt being made to k–l social security..
Stop listening to the BS and open your eyes.
Despite hxu's typical political hyperbole, it's not a good deal for most people when you consider it would have to be paid back with higher withholding in 2021. Although trump says he would defer it permanently if elected
I love it!! Good decision. You would have to pay twice back the first 4 months of next year if you defer it. I am good. This a dumb order anyway. Half the country unemployed, exactly how is this helping people. I would have wanted to opt out if Allstate would have opted in.