Mr. Silly Posted August 19, 2020 Share #1 Posted August 19, 2020 ? Link to comment Share on other sites More sharing options...
jsharr ★ Posted August 19, 2020 Share #2 Posted August 19, 2020 Yes Link to comment Share on other sites More sharing options...
bikeman564™ Posted August 19, 2020 Share #3 Posted August 19, 2020 yes, do I have a choice? Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted August 19, 2020 Share #4 Posted August 19, 2020 How would I know???? It's all direct deposit these days. Link to comment Share on other sites More sharing options...
Dirtyhip Posted August 19, 2020 Share #5 Posted August 19, 2020 What check? 1 Link to comment Share on other sites More sharing options...
Mr. Silly Posted August 19, 2020 Author Share #6 Posted August 19, 2020 3 minutes ago, bikeman564™ said: yes, do I have a choice? It was supposed to change. Link to comment Share on other sites More sharing options...
bikeman564™ Posted August 19, 2020 Share #7 Posted August 19, 2020 9 minutes ago, Razors Edge said: How would I know???? It's all direct deposit these days. more money deposited Link to comment Share on other sites More sharing options...
bikeman564™ Posted August 19, 2020 Share #8 Posted August 19, 2020 8 minutes ago, Mr. Grumpy said: It was supposed to change. last week's check had the same amount taken oot. Maybe tomorrow's will be different...I bet not. Link to comment Share on other sites More sharing options...
maddmaxx ★ Posted August 19, 2020 Share #9 Posted August 19, 2020 Yes, but SS only comes but once a month so maybe. 1 Link to comment Share on other sites More sharing options...
2Far ★ Posted August 19, 2020 Share #10 Posted August 19, 2020 I'll know tomorrow. Link to comment Share on other sites More sharing options...
Kzoo Posted August 19, 2020 Share #11 Posted August 19, 2020 The Executive Order states from "Sept 1, 2020 through Dec 31, 2020" and there has been no directive from the Treasury Department (IRS) as to how business is to implement this. Link to comment Share on other sites More sharing options...
Kirby Posted August 19, 2020 Share #12 Posted August 19, 2020 I don't think it's supposed to start until September https://abc13.com/payroll-tax-relief-income-suspension-fica-suspended-covid-19-financial-help/6373928/ Quote Beginning Sept. 1, the payroll tax relief program is scheduled to start. With this program, a portion of income tax from an employee's paycheck that is usually withheld by their employer won't be anymore. Link to comment Share on other sites More sharing options...
Kzoo Posted August 19, 2020 Share #13 Posted August 19, 2020 2 minutes ago, Kirby said: I don't think it's supposed to start until September https://abc13.com/payroll-tax-relief-income-suspension-fica-suspended-covid-19-financial-help/6373928/ Good answer. 1 Link to comment Share on other sites More sharing options...
maddmaxx ★ Posted August 19, 2020 Share #14 Posted August 19, 2020 22 minutes ago, Kzoo said: The Executive Order states from "Sept 1, 2020 through Dec 31, 2020" and there has been no directive from the Treasury Department (IRS) as to how business is to implement this. Figures. Link to comment Share on other sites More sharing options...
MickinMD ★ Posted August 19, 2020 Share #15 Posted August 19, 2020 21 minutes ago, Kirby said: I don't think it's supposed to start until September https://abc13.com/payroll-tax-relief-income-suspension-fica-suspended-covid-19-financial-help/6373928/ Beginning Sept. 1, the payroll tax relief program is scheduled to start. With this program, a portion of income tax from an employee's paycheck that is usually withheld by their employer won't be anymore. The accumulated "relief" is on temporary. It's supposed to be collected later, meaning many people getting it will be saving it instead of spending it because they know they'll have to pay it eventually. Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted August 19, 2020 Share #16 Posted August 19, 2020 25 minutes ago, Kzoo said: Good answer. Do you prefer withholding incrementally or waiting until later? I imagine it improves cash flow short term, but likewise bites hard at the end. Proper budget planning likely helps, but is also likely not as easy for smaller businesses to manage? I see the "well run" businesses doing a fine job, but the "not so well run" folks seeing some issues come December. What do you see? 1 Link to comment Share on other sites More sharing options...
maddmaxx ★ Posted August 19, 2020 Share #17 Posted August 19, 2020 1 minute ago, Razors Edge said: Do you prefer withholding incrementally or waiting until later? I imagine it improves cash flow short term, but likewise bites hard at the end. Proper budget planning likely helps, but is also likely not as easy for smaller businesses to manage? I see the "well run" businesses doing a fine job, but the "not so well run" folks seeing some issues come December. What do you see? How many real people do you know who will save it? Too many always fail the you can pay me now or pay me later test. Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted August 19, 2020 Share #18 Posted August 19, 2020 3 minutes ago, maddmaxx said: How many real people do you know who will save it? Too many always fail the you can pay me now or pay me later test. Not sure how it works for anybody, but it would be interesting to see. So, employees don't get their taxes taken out for Sept-Dec, and then what? Have a ginormous amount taken out in Jan? Or just end up owing more or not getting a refund in April? I was thinking it was going to be on the employers end, but it looks like it might just be a pay me later sort of thing. Link to comment Share on other sites More sharing options...
bikeman564™ Posted August 19, 2020 Share #19 Posted August 19, 2020 4 minutes ago, maddmaxx said: How many real people do you know who will save it? Too many always fail the you can pay me now or pay me later test. True. I don't spend just because I get money, e.g. stimulus & the China virus unemployment bonus. I know people that do though...idiots. Link to comment Share on other sites More sharing options...
Johnny Come Lately Name Posted August 19, 2020 Share #20 Posted August 19, 2020 17 minutes ago, MickinMD said: many people getting it will be saving it instead of spending it You don't know any of my former co-workers. Any time there was any kind of a windfall, they spent it before they got it. Link to comment Share on other sites More sharing options...
maddmaxx ★ Posted August 19, 2020 Share #21 Posted August 19, 2020 5 minutes ago, Razors Edge said: Not sure how it works for anybody, but it would be interesting to see. So, employees don't get their taxes taken out for Sept-Dec, and then what? Have a ginormous amount taken out in Jan? Or just end up owing more or not getting a refund in April? I was thinking it was going to be on the employers end, but it looks like it might just be a pay me later sort of thing. What happened the last time there was a tax holiday/rate drop. Folks were screaming nationwide about their taxes. Have they suddenly gotten smarter about gift horses? Link to comment Share on other sites More sharing options...
Mr. Silly Posted August 19, 2020 Author Share #22 Posted August 19, 2020 33 minutes ago, Razors Edge said: Do you prefer withholding incrementally or waiting until later? I imagine it improves cash flow short term, but likewise bites hard at the end. Proper budget planning likely helps, but is also likely not as easy for smaller businesses to manage? I see the "well run" businesses doing a fine job, but the "not so well run" folks seeing some issues come December. What do you see? I prefer withholding incrementally so I am not hit with a $5,000 (or whatever) tax bill next year. Will we have to estimate what the tax will be so we're not hit with a fine for not withholding enough? Link to comment Share on other sites More sharing options...
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