President Trump’s payroll tax holiday took effect on September 1. Participating employers can expect heftier responsibilities, while workers who participate in the holiday could see a temporary pay boost this fall and a dip in January. The employees may see a boost in their take home pay for the rest of the year, however they will see smaller checks next year as the deferred taxes are payed back to the IRS. The tax holiday is only a deferral and not a forgiveness of the 6.2% tax that employees pay towards Social Security.
Inquiring about taxes? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.