I know that there’s a current thread asking Dopers if they want to have it done. I’m curious as to what percentage are actually having theirs deferred.
- My payroll taxes are being deferred.
- My payroll taxes are NOT being deferred.
0 voters
I take care of the payroll at my business. We use quickbooks and they haven’t released an update for this yet. I got an email from them a few days ago stating that once the guidance is ironed out (and, presumably, they have time to write the patch), they’ll release it.
At the moment, the only way a business handling payroll through quickbooks could to this would be to set the those taxes to 0% and do everything by hand, which very, very few people are going to be willing to do.
Having said that, when/if they do release the update to allow it, unless there’s a change in the rules, I’m not planning to offer it to my employees. As it stands, WE, the employers actually owe the deferred taxes. WE have to pay it back and collect it from the employees. On the surface, it doesn’t sound like a big deal, the problem is that if an employee quits, we’re paying that out of pocket and our options to collect would be to ask them to repay the money to us, sue them for it or send them to collections.
What needs to be done to get employers on board is to make it so the employee owes the taxes. The employers can deduct the taxes, but, IMO, anything not paid back by a certain date, say April 15th, 2021, should be the employee’s responsibility and taken care of by payment or payment plan between the employee and the IRS or be part of their 2020 or 2021 tax return. I’m not sure of the best way, but having the debt owed by the employer is the wrong way. Just like if an employee owes money at the end of the year because not enough was withheld from their paychecks, they owe it, not their employer.
BTW, for what it’s worth, if the government is garnishing an employee’s wages and I, the employer, don’t deduct the money and forward it to them, we have to pay it back out of pocket.
My employer has not said a word about this. But this pay period’s direct deposit note looks the same as the previous pay period’s, so apparently not.
No and thank god.
I do payroll at my company (we’ve got 2 people working here) and for the first time in years and years and years we’re ahead at the end of the month, so I started pre-doing payroll for a month in advance and September was already sent to direct deposit by the time this cockamamie scheme came to fruition. So we couldn’t even do it for September if we wanted.
And we don’t want to. I sure as heck am not going to be able to figure it out!
My employer announced it was deferring OASDI. The union filed an unfair labor practice claiming it violates federal law. HR announced they placed the deferral on hold, bit did not given a reason why (too scared to acknowledge the ULP).
OP here. My company runs PeopleSoft and I help support it. Oracle, the owner of PeopleSoft, plans on releasing a “fix” to accommodate the deferral by mid October. With testing, it could probably be implemented by Thanksgiving. Our HR director sent an email to all employees today saying that we would not be participating.
Heh. I do payroll for my business and I just barely understand how to do what needs to be done. My accountant does quarterly whatevers. Maybe she’ll explain, but for now I’m just doing what I’ve been doing.
I also do the payroll (QuickBooks). I haven’t heard of it yet and if we have a choice, I choose NO. We have a large turnover in employees. Other than the staff of 5, all of our employees are part time. They come and go with the wind. We’d end up footing the bill for most of them.
Our payroll people just sent out a company-wide email explaining what the deferral does and how it works in simple terms so us financial illiterates had some understanding of it, then told us that our company would not be participating regardless.
I also do payroll for my business.
Well, I enter the numbers in for my payroll company.
They put up a note that once the figure out what the heck is going on, they will provide guidance and tools. They have not yet done so.
I will not be offering it to my employees, and if they ask for it, I will dissuade them. I am not sure whether or not I have the right to make that decision for them, but if I do, then they will not get it.
That is one concern. If they quit or get fired, how do I get them to pay me the money that I owe on their behalf. Pretty sure I’ll just be left holding the bag on that one. The other is that, come April, when I tell them that their next couple paychecks are going to be extremely light due to paying this differed tax, that may not go over well.
At least they won’t blame you, they’ll blame the president.
I saw a lot of people lose their fucking mind when Obama increased payroll taxes. Somehow forgetting that he didn’t increase them, he temporarily decreased them with a set end date. That tax holiday was over.
I guess that we don’t have any Federal government employees or active duty military responding to the poll. Looks like they are unable to opt out of the deferral.
And then if Democrats win this November, they get to look like the bad guys cutting the military’s pay in April.