Payroll tax “holiday.” Is your company going to do it? Can you decline?

[_19disnA]

It was never clear to me what 'problem' this program was attempting to solve. People still employed will get a few dollars more in their paycheck but have to pay it back early next year. Programs aimed at those NOT working due to covid makes far more sense to me.

 

[afan]

It was never clear to me what 'problem' this program was attempting to solve. People still employed will get a few dollars more in their paycheck but have to pay it back early next year. Programs aimed at those NOT working due to covid makes far more sense to me.

That opens a political can of worms that can't be discussed here.

 

[christytine]

The Federal Government is implementing for those that make under $3999 per pay check. We do not have the option to opt out. I don't understand how this is supposed to help. I am totally against it and don't understand the purpose.

 

[supersnoop]

The Federal Government is implementing for those that make under $3999 per pay check. We do not have the option to opt out. I don't understand how this is supposed to help. I am totally against it and don't understand the purpose.

The theory is that it will force congress to make this the stimulus deal by retro-actively forgiving the amount saved. There's a chance it won't have to be paid back, but I'm not interested in gambling right now.

 

[CGB]

DH is a federal employee so he had no choice. I was surprised at the total amount that will have to be paid back when it's all over. I always send estimated payments in for our income taxes, so I plan to tack on the extra money we're getting to our last tax payment in December. I don't want to get hit with any fees because I owe too much on federal income tax next year.

 

[Shelly F - Ohio]

Since it will have to be paid back between Jan and April of next year there really is no benefit to doing it. So be prepared for smaller paychecks Jan to April of next year.

 

[firefly_ris]

I'm self employed so none of this applies to me but I would probably take the extra and stick it in an Ally or other high yield savings, make a couple bucks interest while its sitting there until I need it.