2Far ★ Posted September 3, 2020 Share #1 Posted September 3, 2020 So,I asked our accounting manager that question. He said he that’s the first he’d heard of it but would check with corporate. This is the accounting manager who can’t do payroll. 1 Link to comment Share on other sites More sharing options...
smudge ★ Posted September 3, 2020 Share #2 Posted September 3, 2020 Why would we be getting that? We are scheduled for a 1% raise in December or something like that. Link to comment Share on other sites More sharing options...
Scrapr ★ Posted September 3, 2020 Share #3 Posted September 3, 2020 2 minutes ago, smudge said: Why would we be getting that? We are scheduled for a 1% raise in December or something like that. payroll tax holiday Link to comment Share on other sites More sharing options...
2Far ★ Posted September 3, 2020 Author Share #4 Posted September 3, 2020 3 minutes ago, smudge said: Why would we be getting that? We are scheduled for a 1% raise in December or something like that. https://www.cbs46.com/investigations/payroll-tax-deferral-what-it-means-for-you/article_de4519b8-eca4-11ea-9c3c-fb4e99f0b4f7.html Link to comment Share on other sites More sharing options...
2Far ★ Posted September 3, 2020 Author Share #5 Posted September 3, 2020 I think our company will opt out over the uncertainty of how/if it will get repaid, especially from those employees no longer working for us. We’re getting ready to wind down 2 project & don’t have much else going on. Link to comment Share on other sites More sharing options...
2Far ★ Posted September 3, 2020 Author Share #6 Posted September 3, 2020 I think our company will opt out over the uncertainty of how/if it will get repaid, especially from those employees no longer working for us. We’re getting ready to wind down 2 project & don’t have much else going on. Link to comment Share on other sites More sharing options...
Further Posted September 3, 2020 Share #7 Posted September 3, 2020 I hope not. The past several years I've gotten a small refund, I would like to keep it that way. Having to pay would piss me off. When I had to do estimated payments, if I estimated to low they penalized me, now they want to ignore my estimate and call it good ? Link to comment Share on other sites More sharing options...
Prophet Zacharia Posted September 3, 2020 Share #8 Posted September 3, 2020 My company is not changing it’s handling of payroll taxes, which I think is good. 1 Link to comment Share on other sites More sharing options...
Dottleshead ★ Posted September 3, 2020 Share #9 Posted September 3, 2020 Honestly? How fucking stupid is this? Link to comment Share on other sites More sharing options...
Kirby Posted September 3, 2020 Share #10 Posted September 3, 2020 I hope not. This just seems like an invitation for problems next year. 1 Link to comment Share on other sites More sharing options...
Ralphie ★ Posted September 3, 2020 Share #11 Posted September 3, 2020 23 minutes ago, Dottles said: Honestly? How fucking stupid is this? Yeah. The people who need help are not getting a paycheck. 1 1 Link to comment Share on other sites More sharing options...
maddmaxx ★ Posted September 3, 2020 Share #12 Posted September 3, 2020 9 hours ago, Scrapr said: payroll tax holiday Put it in the bank so you can pay it back on your taxes next year. 1 Link to comment Share on other sites More sharing options...
Parr8hed Posted September 3, 2020 Share #13 Posted September 3, 2020 Not sure what that means? I think I only get an extra 6.2% monies if I work and extra 6.2% hours. Link to comment Share on other sites More sharing options...
Ralphie ★ Posted September 3, 2020 Share #14 Posted September 3, 2020 4 minutes ago, Parr8hed said: Not sure what that means? I think I only get an extra 6.2% monies if I work and extra 6.2% hours. SS tax holiday. Link to comment Share on other sites More sharing options...
Parr8hed Posted September 3, 2020 Share #15 Posted September 3, 2020 1 minute ago, Philander Seabury said: SS tax holiday. hmmmmm. I didn't know about that. Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted September 3, 2020 Share #16 Posted September 3, 2020 11 hours ago, 2Far said: So, you getting an extra 6.2% in your next paycheck? I hope the company folks ask and I will say "no" as I have spent years getting my taxes straight and would hate getting hit with extra taxes later down the line Likewise, I may be above the cut-off, but the details of the "plan" are very vague. 10 hours ago, Dottles said: Honestly? How fucking stupid is this? Very. Not by default, but by execution and overall conceptualization. Again, poor management. 10 hours ago, Philander Seabury said: Yeah. The people who need help are not getting a paycheck. Even if they are, they are also the ones perhaps less likely to save the $$$ so they can pay it later (or able to absorb the hit next year). Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted September 3, 2020 Share #17 Posted September 3, 2020 2 minutes ago, Philander Seabury said: SS tax holiday. A holiday you get off. This is more giving you Monday off but making you work Saturday in it's place. Kicking the can. 2 Link to comment Share on other sites More sharing options...
Ralphie ★ Posted September 3, 2020 Share #18 Posted September 3, 2020 Just now, Razors Edge said: A holiday you get off. This is more giving you Monday off but making you work Saturday in it's place. Kicking the can. Yup. Totally crazy. Link to comment Share on other sites More sharing options...
bikeman564™ Posted September 3, 2020 Share #19 Posted September 3, 2020 this is a stupid f&*#ing idea Link to comment Share on other sites More sharing options...
Ralphie ★ Posted September 3, 2020 Share #20 Posted September 3, 2020 One article I read says it only applies below a certain pay and it is up to the company to participate or not. I can see most saying not so as not to screw up their systems, but they might succumb if it also applies to their half. Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted September 3, 2020 Share #21 Posted September 3, 2020 4 minutes ago, bikeman564™ said: this is a stupid f&*#ing idea Potentially. I think the gamble is you put it in place, get companies to do it, and to prevent massive pain to workers, Congress has to pass a complementary law that "forgives" the taxes, so folks end up not owing more later on. Politics. The stupid part is the screwing with the Social Security funding piece. It potentially weakens SS earlier rather than strengthening it long term. 1 Link to comment Share on other sites More sharing options...
bikeman564™ Posted September 3, 2020 Share #22 Posted September 3, 2020 1 minute ago, Razors Edge said: Congress has to pass a complementary law that "forgives" the taxes, so folks end up not owing more later on. Politics. The stupid part I was referring too. If people need money that bad now, they'll be short next year when their employers take double payments. Ultimately it balances oot (assuming no forgiveness) but it's stupid...very stupid. Link to comment Share on other sites More sharing options...
Mr. Silly Posted September 3, 2020 Share #23 Posted September 3, 2020 Mrs. Grumpy received an e-mail from her HR saying that they're not participating. The only communications I got from HR was about the $300/week thing. Since we're furloughed only 1 day, we don't make enough to qualify. The $600/month was nice. I banked most of it but used one check to purchase a new dishwasher. 1 Link to comment Share on other sites More sharing options...
Razors Edge ★ Posted September 3, 2020 Share #24 Posted September 3, 2020 7 minutes ago, bikeman564™ said: The stupid part I was referring too. If people need money that bad now, they'll be short next year when their employers take double payments. Ultimately it balances oot (assuming no forgiveness) but it's stupid...very stupid. But that's the gamble. So, only stupid if it loses (no Congress action), and by then, an election is over and folks got a temporary kick to their paychecks ahead of it. If he wins re-election, it can be sorted out (or ignored), and if he loses re-election, it's someone else's problem. In either case, it's a gamble with other people's money for the most part. Easy to see why it was done. But outside the political bit, it is the "mess with SS without being very careful" part that will be an issue - but again, that's nothing too new with the SS dollars. 1 Link to comment Share on other sites More sharing options...
maddmaxx ★ Posted September 3, 2020 Share #25 Posted September 3, 2020 Vote buying, not economy helping. Nuff said. 2 Link to comment Share on other sites More sharing options...
Dirtyhip Posted September 3, 2020 Share #26 Posted September 3, 2020 Yay. The 401K Goes up. No SS deduction. Link to comment Share on other sites More sharing options...
Dirtyhip Posted September 3, 2020 Share #27 Posted September 3, 2020 1 hour ago, bikeman564™ said: this is a stupid f&*#ing idea I'm not guilty of causing this problem. Link to comment Share on other sites More sharing options...
Kzoo Posted September 3, 2020 Share #28 Posted September 3, 2020 May me now or pay me later. There is a slim chance that that there will be forgiveness. We are not participating... full withholding. 1 Link to comment Share on other sites More sharing options...
Airehead Posted September 3, 2020 Share #29 Posted September 3, 2020 This is such a mess a total cluster mess. We arent doing it because there is 0 guidance. 1 Link to comment Share on other sites More sharing options...
12string Posted September 3, 2020 Share #30 Posted September 3, 2020 17 hours ago, Dottles said: Honestly? How fucking stupid is this? Nearly verbatim the memo we got from HR. 2 Link to comment Share on other sites More sharing options...
Dottleshead ★ Posted September 3, 2020 Share #31 Posted September 3, 2020 17 hours ago, Dottles said: Honestly? How fucking stupid is this? 7 hours ago, bikeman564™ said: this is a stupid f&*#ing idea There's really not a lot of room to come to any other conclusion. 1 Link to comment Share on other sites More sharing options...
MickinMD ★ Posted September 3, 2020 Share #32 Posted September 3, 2020 It appears that most companies are opting out of the voluntary payroll tax deferral program because they would have to stop taking the 6.2% (does it include the additional 1.45% for Medicare?) for four months, but then take DOUBLE for four months. This basically means people wouldn't be spending the savings because they have to start paying it back at the beginning of 2021. Additionally, the companies would have to adjust their payroll software for the deferral, then for the doubling, then back to normal. And what happens if someone gets the deferral for 4 months in 2020, quits in January, then is rehired in March. Does he have to pay double for Mar. Apl. May. Jun.? What a headache for payroll! This wasn't thought through by Trump. He's forcing federal agencies to do it. He's going to be paying a lot of overtime to payroll departments. Link to comment Share on other sites More sharing options...
Parsnip Totin Jack ★ Posted September 3, 2020 Share #33 Posted September 3, 2020 Nope. For clarification purposes, the executive order applies ONLY to FICA (SS) withholding and not income tax withholding. It also does not involve the 1.45% Medicare withholding. Any funds that are withheld in 2020 must be repaid in 2021, unless legislation is passed by Congress that exempts the repayment. Most employers are opting to not participate as they would be on the hook for the employee’s withheld amount PLUS the matching amount that the employer is required to pay into SS. Trump has said that if he wins election that he will work to do away with this FICA tax in his second term, effectively killing Social Security. Why he thinks this is something to campaign on is against all logic. Calling it Payroll tax is disingenuous as most Americans think it applies to income tax withholding when it does not. 2 2 Link to comment Share on other sites More sharing options...
Kzoo Posted September 3, 2020 Share #34 Posted September 3, 2020 1 hour ago, MickinMD said: Additionally, the companies would have to adjust their payroll software for the deferral Please.... Change one variable that is maintained in a configuration table. 10 seconds BAM! 1 Link to comment Share on other sites More sharing options...
Mr. Silly Posted September 3, 2020 Share #35 Posted September 3, 2020 8 minutes ago, Kzoo said: Please.... Change one variable that is maintained in a configuration table. 10 seconds BAM! That what SW said yesterday moments before this site crashed. 1 Link to comment Share on other sites More sharing options...
Prophet Zacharia Posted September 3, 2020 Share #36 Posted September 3, 2020 1 hour ago, Old No. 7 said: Trump has said that if he wins election that he will work to do away with this FICA tax in his second term, effectively killing Social Security. Why he thinks this is something to campaign on is against all logic. And yet it hasn’t gotten a ton of discussion that I’ve seen Link to comment Share on other sites More sharing options...
12string Posted September 3, 2020 Share #37 Posted September 3, 2020 Just now, Prophet Zacharia said: And yet it hasn’t gotten a ton of discussion that I’ve seen Maybe because enough people understand that there's no way Congress will allow him to make it permanent. And the ones who don't, or don't understand why killing Social Security is bad are voting for him no matter what he does. Link to comment Share on other sites More sharing options...
Prophet Zacharia Posted September 3, 2020 Share #38 Posted September 3, 2020 2 minutes ago, 12string said: there's no way Congress will allow him Yes, because this Congress has been so good at maintaining their coequal status. Link to comment Share on other sites More sharing options...
12string Posted September 3, 2020 Share #39 Posted September 3, 2020 This isn't one he can do by EO, not even like the other ones that broke laws. It just won't function. And even the party knows it's political suicide. Link to comment Share on other sites More sharing options...
Square Wheels Posted September 5, 2020 Share #40 Posted September 5, 2020 On 9/3/2020 at 5:16 PM, Mr. Grumpy said: That what SW said yesterday moments before this site crashed. I blame @Redfacedwalrus. Link to comment Share on other sites More sharing options...
Dottleshead ★ Posted September 5, 2020 Share #41 Posted September 5, 2020 Is there anybody in here who can say this is a good idea? Please, let's hear/read it. Link to comment Share on other sites More sharing options...
Redfacedwalrus Posted September 5, 2020 Share #42 Posted September 5, 2020 6 hours ago, Square Wheels said: I blame @Redfacedwalrus. WHO DARES SUMMON ME? Breaking and then fixing this site is my master plan. Then they'll have to like me at my review! 1 Link to comment Share on other sites More sharing options...
Square Wheels Posted September 5, 2020 Share #43 Posted September 5, 2020 16 minutes ago, Redfacedwalrus said: Breaking and then fixing this site is my master plan. Should I tell them about the big upgrade next weekend? Link to comment Share on other sites More sharing options...
Redfacedwalrus Posted September 5, 2020 Share #44 Posted September 5, 2020 1 minute ago, Square Wheels said: Should I tell them about the big upgrade next weekend? Oh god no. Chaos. Pure chaos. Link to comment Share on other sites More sharing options...
Ralphie ★ Posted September 6, 2020 Share #45 Posted September 6, 2020 3 hours ago, Redfacedwalrus said: Oh god no. Chaos. Pure chaos. Whew! Good thing you didn’t tell us! That was a close one! 1 Link to comment Share on other sites More sharing options...
maddmaxx ★ Posted September 6, 2020 Share #46 Posted September 6, 2020 The site certainly seemed broken during the week. Link to comment Share on other sites More sharing options...
Tizeye Posted September 6, 2020 Share #47 Posted September 6, 2020 What's a paycheck? Link to comment Share on other sites More sharing options...
Bikeguy Posted September 6, 2020 Share #48 Posted September 6, 2020 On 9/3/2020 at 8:24 AM, Dirtyhip said: Yay. The 401K Goes up. There you go... you had to say that. The stock market is now down 6%. Most 401K's are down now.... Link to comment Share on other sites More sharing options...
2Far ★ Posted September 6, 2020 Author Share #49 Posted September 6, 2020 On 9/3/2020 at 8:10 AM, Razors Edge said: A holiday you get off. This is more giving you Monday off but making you work Saturday in it's place. Kicking the can. Ed zachary what were doing on the project next week. Our hourly workers don’t get holiday pay. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now