UPDATE: Deferment of Payroll Taxes

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On August 8, 2020, President Trump issued a deferment of payroll taxes for individuals making under $100,000 through December 31, 2020. This is the 6.2% FICA tax on your paycheck that is used to fund Social Security and Medicaid.

This temporarily more money in your pocket for the last quarter of the year. However, you will need to repay these delayed taxes come tax time 2021. Your employer is not required to participate in this memo, so reach out to HR for more details on your specific situation.

Again, this is another memo with a lot of moving parts. Check out this article that provides a nice summary.

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