From GOBankingRates.com:
Employers and self-employed individuals who chose to defer paying part of their 2020 Social Security tax obligation [because then President Donald Trump, as part of his re-election campaign, gave them the option or because they were federal employees who had it forced upon them by Trump] must make a payment by Jan. 3, 2022. While many received reminder billing notices from the IRS, the agency also noted that those affected are still required to make a tax payment, even if they never received a bill.
“As part of the COVID relief provided during 2020, employers and
self-employed people could choose to put off paying the employer’s share
of their eligible Social Security tax liability, normally 6.2% of
wages,” according to the IRS reminder. “Half of that deferral is now due
on January 3, 2022, and the other half on January 3, 2023.” ...
What a guy!
ReplyDeleteThis was possibly the most harebrained attempt an incumbent president ever made to bolster his re-election bid.
and if you work for the government and made less than a certain threshold...you HAD to participate. what a joke.
ReplyDeleteSo people will thank Trump for the tax cut and blame Biden for making them repay it. perfect strategy.
ReplyDeleteThis should stay as a SS Blog, not a political one.
ReplyDeleteThis has to do with the FICA tax. It is relevant considering that the tax funds the benefits that Social Security offers.
DeleteIt was a genius dick move on Trump's part. If he won the election, he'd kick the can further down the road. If he lost, it was a poison pill designed to hurt Biden, who he knew most people missing chunks of their paycheck would blame.
ReplyDelete