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Payroll tax deferral

Joined
Jun 16, 2011
Messages
1,691
You're better off taking that amount and putting it in a savings account (savings rates suck right now, but they're better than nothing) and getting at least a little interest on it. Then you'll still have it banked for Q1 and won't need to wait until your tax return comes in.
That's what I thought.
 

Ringwraith917

Professional Badass
Joined
Jan 21, 2014
Messages
1,537
You're better off taking that amount and putting it in a savings account (savings rates suck right now, but they're better than nothing) and getting at least a little interest on it. Then you'll still have it banked for Q1 and won't need to wait until your tax return comes in.
Yes this is true, but can you resist the temptation to dip into that money for something that comes along between now and then? A lot of people can't.
 

buliSBI

Former Team Member
Joined
Jun 17, 2011
Messages
3,406
Remember any payroll tax money deferred, it will have to repaid back to the Federal Govt by April 30,2021. Its no better than a Pay Day Loan.
 
Last edited:
Joined
Dec 23, 2014
Messages
3,237
If Target participates, you can choose to withhold an additional fixed amount from each paycheck. Estimate 6.5% of your normal paycheck and go into your benefits on eHr and add an additional withholding for that amount
This is good to know. So it kinda works as a savings account? I’m just hoping the taxes are forgiven in the end, there’s some talk about that going around.
 

IWishIKnew

This was supposed to be a seasonal job...
Joined
Dec 9, 2017
Messages
2,042
I’m just hoping the taxes are forgiven in the end, there’s some talk about that going around.
That would be a disaster, if true. Payroll taxes fund Social Security. "Forgiving" them means a drop in funding for one of the most necessary and popular social programs in history that has already been raided by Congress far too much over the years. A relatively small loss for you right now is not worth the risks to the Social Security system at large (as it could mean the money you've paid all your years won't be available to you when you need it. Or your parents. Or your grandparents. Etc.)
 

can't touch this

💯💯💯💯
Joined
Nov 20, 2017
Messages
4,863
My job apparently ain't doing it either...never thought seeing the boomertax on my paystub would bring a sigh of relief but here we are
 
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