What You Need to Know About the Payroll Tax Holiday
On August 8, 2020, the President of the United States issued an executive order to provide a payroll tax holiday for American workers. This treasury guidance permits employers to defer the 6.2% tax employees pay toward Social Security from September 1 through December 31, 2020. Chances are, your employees have approached your HR and payroll departments with questions about what this guidance means for them personally. You may find yourself with a few questions of your own.