President Donald Trump's payroll tax deferral raises issues for businesses and employees
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Businesses are warning the payroll
Businesses are warning the payroll tax deferment plan is a 'no win proposal'. CNBC's Ylan Mui reports why President Donald Trump’s executive order to defer the collection of payroll taxes from employees through the end of 2020 has created more questions than answers for businesses and their employees.
Normally, payroll tax is a 6.2% tax on a employee’s salary (up to $137,700 annually for 2020) that is withheld from their paycheck to fund Social Security, and the employer pays another 6.2%. The CARES Act gave businesses the option to defer their share of this year’s payroll taxes, and now, Trump’s recent executive order instructs the Treasury Department to defer collection of the employee-side payroll tax payment for those making up to about $104,000 during the period of Sept. 1 to Dec. 31.
But the order is vague and is a deferral (not tax forgiveness or a tax cut — only Congress can do that). So here’s what you need to know about the new deferral and how it will impact workers and employers. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
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Normally, payroll tax is a 6.2% tax on a employee’s salary (up to $137,700 annually for 2020) that is withheld from their paycheck to fund Social Security, and the employer pays another 6.2%. The CARES Act gave businesses the option to defer their share of this year’s payroll taxes, and now, Trump’s recent executive order instructs the Treasury Department to defer collection of the employee-side payroll tax payment for those making up to about $104,000 during the period of Sept. 1 to Dec. 31.
But the order is vague and is a deferral (not tax forgiveness or a tax cut — only Congress can do that). So here’s what you need to know about the new deferral and how it will impact workers and employers. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
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https://www.cnbc.com/select/best-cred...
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4 سال پیش
در تاریخ 1399/06/07 منتشر شده
است.
427,051
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