FICA Payroll Tax Withholding Changes

Christopher Beach

September 4, 2020

Global Flash Report

A memo has been sent from the Office of the President to the Secretary of Treasury that states if an individual earns up to $104,000 annually, they may elect to defer their FICA payroll tax withholdings from Sept 1 through Dec 31st 2020. Repayment of the taxes would be penalty and interest free. No guidance of repayment has been defined in the memo. At this time, the Treasury Department is looking into forgiving the deferred amount, but it has not been approved.

Click here for the memo from President Trump.

For more information, please contact your tax provider.

Christopher Beach

Christopher graduated from Quinnipiac University in 2012 with a Bachelor’s degree in Computer Information Systems. Prior to starting at Servicengine, he interned with a financial startup corporation handling data analysis and an introduction to technical support. Christopher joined the Servicengine team in June 2012 as a Technical Support Specialist, providing day to day support for Servicengine Partners with a focus on internal and client-facing support as well as hosted solution management. He has also been involved in the ISO27001 group working towards Servicengine’s certification project. In his free time, he enjoys gaming, building computers, and hanging out with his two dogs, Lincoln and Leo.

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