2020 Payroll Taxes Will Hit Higher Incomes

2020 Payroll Taxes Will Hit Higher Incomes

Dannette Saltzgaber August 14, 2021

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Update: Some Payroll Taxes Suspended Due to COVID-19

Section 2302 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted in March 2020 and implemented through IRS Notice 2020-22 and a series of
IRS FAQs, allows eligible employers to defer the deposit and payment of the
employer’s share of Social Security FICA taxes for the period beginning March 27, 2020 through Dec. 31, 2020. The deferred payments must subsequently be paid to the Treasury Department, with half due by Dec. 31, 2021, and the other half by

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