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Statement by a Treasury Spokesperson on the Funding of the Social Security Trust Funds and Payroll Tax Deferral
An August 8, 2020, Presidential Memorandum directed the Secretary of the Treasury to use his authority to allow employers to defer the withholding, deposit, and payment of certain payroll taxes for employees who are paid less than $4,000 on a bi-weekly basis. The payroll taxes eligible for deferral are those imposed on wages paid between September 1, 2020 and December 31, 2020. Under guidance issued by the Treasury Department and the Internal Revenue Service, any deferred payroll taxes must be repaid no later than April 30, 2021. The Treasury Department will continue to make regular transfers to the Social Security ... (full story)