Payroll Tax Executive Order

ShuffleTheList

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For all you level 7s and below (and trainees). Does anybody know what the fuck is going on here? Is the FAA opting in to not taking out the payroll taxes for those making less than 104,000?

What would be the play if they are... Up your withholding to match the payroll tax or wait until April and get railed?
 

CF

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Everything I’ve read is that even if they do stop taking the tax out you’ll end up owing it later. What the fuck is the point of that. Not to mention that the social security fund administrator has already said the fund will be dry by 2023 if this was made permanent.
 

SharkBait

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I'm just going to save the same amount they would have taken just until we hear if income tax will be waved.
 

FightingIrish2012

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I agree this situation is a bit fucked, if you are a person this will effect I would carefully calculate the amount of tax they stop taking out and let it sit in the checking account. Don’t touch it Incase you have to pay it back. But realistically, no matter who wins the election I can’t imagine them sending most of America a tax bill to get that money back. So it will probably be forgiven and you keep it but don’t spend it in advance just Incase.
 

GMX

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It all depends if it's deferred or forgiven. This is where I'm confused too. I make like a hundred under the cap but don't want to owe later.
 

CF

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I agree this situation is a bit fucked, if you are a person this will effect I would carefully calculate the amount of tax they stop taking out and let it sit in the checking account. Don’t touch it Incase you have to pay it back. But realistically, no matter who wins the election I can’t imagine them sending most of America a tax bill to get that money back. So it will probably be forgiven and you keep it but don’t spend it in advance just Incase.
Boomers will be rioting worse than blm if the tax is completely forgiven. Social security can’t handle that lapse in funding.
 

CF

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I guess I’ll just up my withholdings to what I was paying in taxes then. Garbage...
These are payroll taxes that are being deferred which are typically the responsibility of the employer to be taken out and paid to the govt. I would look closer at what the process for paying it back might be because these taxes aren’t really involved is doing your income taxes in April. You might be putting yourself in a bind if you withhold more and then they just automatically take the amount you owe from your paychecks to catch up.

I’ll probably end up just manually putting it into a savings account.
 

Bandit117

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Everything I’ve read is that even if they do stop taking the tax out you’ll end up owing it later. What the fuck is the point of that. Not to mention that the social security fund administrator has already said the fund will be dry by 2023 if this was made permanent.
It’s bait. By having a holiday on the tax he’s pushing Congress to forgive the amounts owed. If Congress doesn’t forgive the amount not collected he’s making them look bad. He can tell the gov not to collect it, but it’s up to congress to forgive it
 

CF

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It’s bait. By having a holiday on the tax he’s pushing Congress to forgive the amounts owed. If Congress doesn’t forgive the amount not collected he’s making them look bad. He can tell the gov not to collect it, but it’s up to congress to forgive it
He probably banking on not being re-elected and having that be one last fuck you to the government before he walks out. Not as easy to hang it around his neck when he’s gone.
 

AB19

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He probably banking on not being re-elected and having that be one last fuck you to the government before he walks out. Not as easy to hang it around his neck when he’s gone.
You know I was gonna say word choice but it’s apt
 
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