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Is the Temporary Deferral of Employee Payroll Tax Worth It?
Submitted by Desmond Wealth Management, Inc. on September 6th, 2020President Trump issued a Presidential Memorandum on August 8, 2020, that directs the Treasury Secretary to use his authority to defer the withholding, deposit and payment of employees’ portions of Social Security taxes from September 1 through December 31, 2020. The goal is to put more money in the pockets of workers during the COVID-19 pandemic emergency.