Thanks but no thanks, I will pay my quarterly payroll taxes (income, Social Security, Medicare) on time

[LucyLou]

It literally funds social security and Medicare for old people. Who do you think will pay if not the payroll tax? Good Lord people.

[Call_me_Ishmael]

Why do we have so many that are exempted from paying?

FICA Tax & Exemptions

Also… you do realize, don’t you (?) that those who pay the max into the Social Security tax are not getting that tax holiday.

[Safiel]

@NickN

@Safiel

Congress sets all of that. The rates, the maximum income cutoff levels, all that. The Executive has very little discretion in matters of income collection.

I suggest you take a look at how Presidential powers profoundly expand during National Emergencies.

Plus here attached is a more recent article on payroll tax holiday’s:

Payroll Taxes | Payroll Tax Holidays | Tax Foundation

Suspending the Payroll Tax By Executive Order Raises As Many Questions As It...

Note that every previous tax holiday has been a result of Congressional statute, not unilateral Presidential declaration.

As the article above suggests, while the President might suspend a taxpayer’s obligation for a period not to exceed a year, it is extremely doubtful he can suspend an employer’s obligation to collect payroll taxes.

Many employer’s, such as mine, are not going to expose themselves to potential penalties unless the actions of the President are upheld in the courts. So while the taxpayer might technically get a postponement of his obligations, the employers will continue to withhold and continue to remit to the Treasury on time. Additionally, if the Treasury refuses to accept remittance, employers may simply hold the money in escrow, benefiting no one.

[Ben_Natuf]

it will stand up in court just fine. the law allows it. your employees will be glad you’re stealing their money I’m sure.

[CanadianJudo]

@NickN

@CanadianJudo

Its not really a holiday you still need to pay the tax just later.

If you tuned in today, Trump said he could forgive it later too.

he can’t do that.

[Safiel]

@Ben_Natuf

it will stand up in court just fine. the law allows it. your employees will be glad you’re stealing their money I’m sure.

Since you phrased it so indelicately, I will respond in kind.

Maybe they won’t appreciate Trump stealing from Social Security and Medicare.

[CanadianJudo]

@Ben_Natuf

it will stand up in court just fine. the law allows it. your employees will be glad you’re stealing their money I’m sure.

how is he stealing their money, he still need to pay the tax at a later date.

[CanadianJudo]

@Safiel

@Ben_Natuf

it will stand up in court just fine. the law allows it. your employees will be glad you’re stealing their money I’m sure.

Since you phrased it so indelicately, I will respond in kind.

Maybe they won’t appreciate Trump stealing from Social Security and Medicare.

also I’m sure your employee will be pissed when he files his tax return and see “x” amount of month of SS/Medicare payment thrown on top.

[Ben_Natuf]

lol… i guess you don’t know the law

[Ben_Natuf]

does canada do that?

[CanadianJudo]

@Ben_Natuf

does canada do that?

What part are you having trouble understanding.

The EO doesn’t remove the tax.
it simply delays it.

You still need to pay it at a later date in a single large sum.
which is going to be worse for most people.

[Ben_Natuf]

he’s not stealing anything. the law allows him to suspend it, and the law allows him to forgive it later. the money you take from your employees checks is not your money to decide what to do with

[Ben_Natuf]

what does this have to do with canada?

[CanadianJudo]

@Ben_Natuf

he’s not stealing anything. the law allows him to suspend it, and the law allows him to forgive it later. the money you take from your employees checks is not your money to decide what to do with

He doesn’t have the authority to forgive it.
Taxes are imposed by Congress.

[CanadianJudo]

@Ben_Natuf

he’s not stealing anything. the law allows him to suspend it, and the law allows him to forgive it later. the money you take from your employees checks is not your money to decide what to do with

He is saving his employee a large tax bill.

[Ben_Natuf]

so, what does this have to do with canada?

[CanadianJudo]

@Ben_Natuf

so, what does this have to do with canada?

Nothing just another example of the failure of U.S public education system.

[Ben_Natuf]

which is none of your concern

[CanadianJudo]

@Ben_Natuf

which is none of your concern

My concern is anything I wish it to be.
no one is making you replay to my posts.

the ignore button is over there →

[CanadianJudo]

@Safiel

Thanks but no thanks.

The bill will still come due for everybody, just later rather than sooner.

Going to pay my quarterly payroll taxes on their regular due dates.

And I in the process of issuing an order to my payroll departments not to comply and to deduct payroll taxes as normal from all employees.

This crap won’t stand up in court anyhow. No reason to ■■■■ up our employees’ taxes or my company’s payrolls over it.

we had similar issue with COVID relief fund here everyone was like “2,000$ a month, Free” and the government was like no not free you have to pay taxes on ever dime so a lot of people are going to be clueless when they file taxes and get a large bill next year.

You are being a smart business owner knowing those taxes will come due its easier on your employee to pay them at small weekly amount then one large sum.