House employees won't have payroll taxes deferred
Source: The Hill
The House is not implementing President Trump's payroll-tax deferral for its employees, joining many private-sector employers in declining to participate.
"The Office of the Chief Administrative Officer, with the concurrence of the Committee on House Administration, has determined that implementing the deferral would not be in the best interests of the House or our employees," House Chief Administrative Officer Philip Kiko said Friday in an email to House employees. "As a result, we will not implement the payroll tax deferral."
Trump signed a memo in August that directed the Treasury Department to allow employers to defer employee-side Social Security taxes, in an effort to provide relief to workers amid the coronavirus pandemic. Treasury and the IRS subsequently issued guidance under which employers can choose to defer Social Security taxes through the end of the year for workers making less than $4,000 biweekly. Employers would then need to collect the deferred taxes by increasing the amount withheld from workers' paychecks in the first several months of next year.
Military members and civilian executive branch employees will have their payroll taxes deferred, with Trump's Office of Management and Budget saying this is being done to provide quick relief to employees. But business groups have said they expect few of their members to participate because there are administrative challenges in implementing the deferral and because they don't want to be in a position where their workers will see less in take-home pay next year.
Read more: https://www.msn.com/en-us/news/politics/house-employees-won-t-have-payroll-taxes-deferred/ar-BB18WE3I?li=BBnbfcQ&ocid=DELLDHP
Good for them.
SheltieLover
(57,073 posts)turbinetree
(24,713 posts)that request, government, private sector , even the self employed...............the traitor in the white house more than likely has not put one dime into the system...............
Delphinus
(11,840 posts)We are not deferring at my place of employment and I suggested my husband ensure he not have his deferred either.
turbinetree
(24,713 posts)but the key too SS is what you make and put into your benefit and when you do start the claim, the SS people will look at what you have in your benefit and they then determine what you get, so the more you pay into your benefit the more you get per month when you retire, so the idea is to not suspend the tax, when I was working I saw exactly how much I paid into the benefit over the years, they SS showed me, and instead of me waiting until I reached the age of 67, I took mine at 66 and was penalized $10 per month..............trump is jerk, he wants to hurt everyone and anyone that is on the benefit plan along with every republicans in office, its that simple...............
https://www.aarp.org/retirement/social-security/questions-answers/suspend-social-security-then-restart/
If you have not yet reached full retirement age, the only option for stopping Social Security payments is to apply for a withdrawal of benefits, a more formal process that, unlike a suspension, requires you to repay Social Security the benefits you have received to date.
Delphinus
(11,840 posts)I am not yet retired (62) - but if my hours get cut, I may have to look at this (hoping not, but ...)
turbinetree
(24,713 posts)into the fund with the total tax being between you and them is around 15% total out of your pay check I was out of work for six years based on a serious injury so it hurt my SS benefit, I should have demanded it during the settlement that that fund should have been made up, but I never did and I really never asked .........so hang in there..................we can do this, we have to...............
bottomofthehill
(8,344 posts)RobinA
(9,894 posts)employee and they just told us this week that they werent stopping the deductions. For which I was eternally grateful. Of course, I work for one of those « Democrat » governors we hear tell of.
QED
(2,749 posts)and my deductions weren't stopped either.
AC_Mem
(1,979 posts)I have contacted my HR department, my Accounting/payroll department, my CPA and my Congressional office and they all say that I have NO CHOICE; I cannot opt out. I look at this as a political stunt - why would you "loan" me my own money, which I have put into social security since I was 16 years old, only to make me pay it back - taking double out of my paycheck in January? I didn't ask for it - I am one of the fortunate ones in this terrible tragedy - I have a job and a paycheck. Where is the help for the homeless? The Unemployed?
When I called my congresswoman's office I was told that they needed people who were upset about this to call their congressional office so that they could take the complaints to Washington.
I'm really upset that I have no choice in this matter. I don't know what to do besides literally take the money and send it to Social Security monthly.
Their studies show that the impact on the Social Security department being denied this tax payer funding for three months means that the entire department will be out of money by 2023. That is less than THREE YEARS AWAY.
This has my blood pressure so high. Why am I being told I have no choice if congressional staff DOES have a choice?
Annette
tblue37
(65,483 posts)doubled next year.
a la izquierda
(11,797 posts)I'm glad for it.