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

[Safiel]

Why you might not see cash from a payroll tax cut, even with Trump's...

BTW, my company is FAR from alone and the vast majority of companies are likely to continue to collect and remit as the law requires and if the Treasury refuses to accept remittance, they will place that money in escrow, rather than facing a risk of being hit with penalties and a massive debt if all that money suddenly becomes due because of a court order.

[CanadianJudo]

@Safiel

https://www.cnbc.com/2020/08/06/why-you-might-not-see-a-payroll-tax-cut-even-if-trump-demands-it.html

BTW, my company is FAR from alone and the vast majority of companies are likely to continue to collect and remit as the law requires and if the Treasury refuses to accept remittance, they will place that money in escrow, rather than facing a risk of being hit with penalties and a massive debt if all that money suddenly becomes due because of a court order.

Which is smart its better to pay the taxes on a bi-weekly/weekly bias then a single lump sum your saving your employee a nightmare when they file their yearly taxes, even if it was legal for him to delay the payment its stupid.

[Safiel]

@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.

Actually director of an operating division of a large multinational corporation. As such, I have plenary direction over payroll though I am not involved day to day in it.

[CanadianJudo]

@Safiel

@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.

Actually director of an operating division of a large multinational corporation. As such, I have plenary direction over payroll though I am not involved day to day in it.

My friend wife is an “Artist” who makes 80K-100K a year straight money.
one year she had to pay over 15,000$ in taxes in a single check because none of her taxes are removed on her paycheck.

Those Taxes are not going away they will be due and its a not more noticeable when its a single large sum. that is the whole reason why taxes are taken off paychecks.

[Safiel]

@CanadianJudo

@Safiel

@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.

Actually director of an operating division of a large multinational corporation. As such, I have plenary direction over payroll though I am not involved day to day in it.

My friend wife is an “Artist” who makes 80K-100K a year straight money.
one year she had to pay over 15,000$ in taxes in a single check because none of her taxes are removed on her paycheck.

me on the other hand I got 3,000$ check because I overpaid based on my weekly deductions.

I am a quarterly payer. I write a 5 figure check to the Treasure 4 times a year, plus a smaller check with my tax return. I know how she feels.

But I don’t mind at all.

[CanadianJudo]

@Safiel

@CanadianJudo

@Safiel

@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.

Actually director of an operating division of a large multinational corporation. As such, I have plenary direction over payroll though I am not involved day to day in it.

My friend wife is an “Artist” who makes 80K-100K a year straight money.
one year she had to pay over 15,000$ in taxes in a single check because none of her taxes are removed on her paycheck.

me on the other hand I got 3,000$ check because I overpaid based on my weekly deductions.

I am a quarterly payer. I write a 5 figure check to the Treasure 4 times a year, plus a smaller check with my tax return. I know how she feels.

But I don’t mind at all.

I’m a weekly guy I pay taxes on every pay stub.
but then the end of the year comes the Government send me a nice check for a few grand.

[Safiel]

@CanadianJudo

.Those Taxes are not going away they will be due and its a not more noticeable when its a single large sum. that is the whole reason why taxes are taken off paychecks.

The one thing I don’t like about payroll deduction is that it takes much of the “pain” out of taxpaying. The money you pay in taxes is much more obvious when you have to actually write a check, rather than it being removed in tiny chunks from your paycheck.

[CanadianJudo]

@Safiel

@CanadianJudo

.Those Taxes are not going away they will be due and its a not more noticeable when its a single large sum. that is the whole reason why taxes are taken off paychecks.

The one thing I don’t like about payroll deduction is that it takes much of the “pain” out of taxpaying. The money you pay in taxes is much more obvious when you have to actually write a check, rather than it being removed in tiny chunks from your paycheck.

which is the point they want to make payroll taxes as less painful as possible.

[Safiel]

@CanadianJudo

I’m a weekly guy I pay taxes on every pay stub.
but then the end of the year comes the Government send me a nice check for a few grand.

Been over 20 years since I have received a refund. Which is actually good in that the government has not gotten the free use of my money.

[CanadianJudo]

@Safiel

@CanadianJudo

I’m a weekly guy I pay taxes on every pay stub.
but then the end of the year comes the Government send me a nice check for a few grand.

Been over 20 years since I have received a refund. Which is actually good in that the government has not gotten the free use of my money.

Mine goes straight into my retirement fund.

[GWH]

@Safiel

The one thing I don’t like about payroll deduction is that it takes much of the “pain” out of taxpaying. The money you pay in taxes is much more obvious when you have to actually write a check, rather than it being removed in tiny chunks from your paycheck.

Which is why they stretch it out. If taxpayers had to come off the hip once a year instead of paying incrementally, there’s be a lot more pissed off people wondering where their money went. Instead, we have people boasting about how much their refund was with the feeling that the government just gave them something.

[CanadianJudo]

@GWH

@Safiel

The one thing I don’t like about payroll deduction is that it takes much of the “pain” out of taxpaying. The money you pay in taxes is much more obvious when you have to actually write a check, rather than it being removed in tiny chunks from your paycheck.

Which is why they stretch it out. If taxpayers had to come off the hip once a year instead of paying incrementally, there’s be a lot more pissed off people wondering where their money went. Instead, we have people boasting about how much their refund was with the feeling that the government just gave them something.

Also I don’t think with how most American live they would be-able adult enough to knowingly save enough money each year to pay their own taxes.

[GWH]

Were not exactly drilling holes in trees waiting on maple syrup down here. We have jobs, provide for ours, and are able to take care of our responsibilities.

[CanadianJudo]

@GWH

Were not exactly drilling holes in trees waiting on maple syrup down here. We have jobs, provide for ours, and are able to take care of our responsibilities.

people also buy 1200$ phones twice a year
Canadian are no better.

[GWH]

Well, we did invent the damn thing, so I’d hope we were upwardly mobile enough to buy a few. Forgive the pun.

What other world changing industries can you think of that we’re born in America?

[WildRose]

Good for you, millions of people can’t.

[moonshine]

How many businesses will go bankrupt when they have to repay the deferred taxes. Especially small businesses

Let’s say you have 5 employees earning 40k a year

Deferring Ss taxes is about 30 k a year or 2500 a month. By the end of the year the business will owne over 10k. How many businesses will that push over the edge???

[SixFoot]

Libs are only upset because it means Trump is helping people.

[SixFoot]

@GWH

What other world changing industries can you think of that we’re born in America?

All of them. lol

[Borgia_dude]

@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.

Some people long for a dictator.