Log In

Your email is not your username

Register

If you were a member of the old Bodybuilding.com forums and would like to reuse your previous username, you can request it below. We use your email only for registration and do not store it. For more information, please see our Privacy Policy.

Confirm your email

A registration code was sent to your email. Enter it here.

Welcome

You have successfully setup your account.

Sign in

Quick Navigation Bottom Misc
Forum » Payroll tax holiday
  1. Results 31 to 39 of 39
  2. Page 2 of 2
  3. First
  5. 1
  6. 2

Thread: Payroll tax holiday

post 1615556231 09-04-2020, 09:08 AM
-
#31
  1. Seatard
  1. Seatard
  3. Join Date: Sep 2012
  4. Posts: 19,146
  5. Subscribers: 3
  6. Rep Power: 98570
Originally Posted By chaunce54⏩
You're not getting Monday off?
Ha. Yeah, today too after I get done answering a few lingering emails that I saved for this morning knowing that I won't get a response until Tuesday.
post 1615556551 09-04-2020, 09:11 AM
-
#32
  1. Maestro
  2. отличнo!
  1. Maestro
  2. отличнo!
  3. Join Date: Oct 2002
  4. Location: New Mexico, United States
  5. Posts: 58,400
  6. Rep Power: 203698
Originally Posted By redmelly⏩
I think it's for everyone, non federal employees too. However, it's not mandatory and employers I believe can choose not to do it, or at the very least the employee can request not to have it done.
I just got paid today, and I heard nothing about it in the week leading up to payday. I'm pretty sure its just federal employees and even if it was for everyone I would opt out.
post 1615556661 09-04-2020, 09:13 AM
-
#33
  1. Godemis
  2. Registered User
  1. Godemis
  2. Registered User
  3. Join Date: Apr 2016
  4. Posts: 1,141
  5. Rep Power: 4239
My company refuses to participate right now and it makes sense. Too much of an unknown in January if it will be extended or if congress would make it perm. We would have to pay double in Jan to make up for the holiday. This seems like an attempt for Trump to try and gain some favor before the election on voters who simply dont understand tax laws.
post 1615556891 09-04-2020, 09:15 AM
-
#34
  1. Cleveland33
  2. Registered Gooner
  1. Cleveland33
  2. Registered Gooner
  3. Join Date: Jan 2010
  4. Location: Philadelphia, Pennsylvania, United States
  5. Posts: 66,951
  6. Rep Power: 497612
Originally Posted By Maestro⏩
I just got paid today, and I heard nothing about it in the week leading up to payday. I'm pretty sure its just federal employees and even if it was for everyone I would opt out.
employers have the option to do it or not. If they did do it, you can ask them not to or just add an additional withholding.
post 1615557061 09-04-2020, 09:17 AM
-
#35
  1. gachase21
  1. gachase21
  3. Join Date: Dec 2010
  4. Location: Georgia, United States
  5. Posts: 31,767
  6. Subscribers: 4
  7. Rep Power: 389233
Originally Posted By Seatard⏩
It's the only choice really, take the money now if you can. Save or spend according to your own financial savvy.

You just know a fuk ton of companies are not going to participate up front becasue of "uncertainties" but will keep the deferment if/when it is forgiven.
That scheme wouldn’t work


The employers have their own separate deferment the one I showed above- That doesn’t have anything to do with the employees deferment - I was just notating you could use those funds for the plan I showed.


As far as the employees deferment it would have to be a realize liability before the employers would have at as extra funds via a forgiveness - in which somehow they would have to find a way to return it to eomplees


That’s the murky part.




This is like some pro employee working union wage inflation type plan.

Circa 80’s Democrat party chit.
post 1615557911 09-04-2020, 09:29 AM
-
#36
  1. Seatard
  1. Seatard
  3. Join Date: Sep 2012
  4. Posts: 19,146
  5. Subscribers: 3
  6. Rep Power: 98570
Originally Posted By gachase21⏩
As far as the employees deferment it would have to be a realize liability before the employers would have at as extra funds via a forgiveness - in which somehow they would have to find a way to return it to eomplees


That’s the murky part.
The murky part will be taken advantage of.

I guess it depends what the terms of the forgiveness end up being though.
post 1615559431 09-04-2020, 09:47 AM
-
#37
  1. IH8RICE
  2. Proud dad
  1. IH8RICE
  2. Proud dad
  3. Join Date: Apr 2013
  4. Posts: 22,922
  5. Rep Power: 306895
Originally Posted By Seatard⏩
The murky part will be taken advantage of.

I guess it depends what the terms of the forgiveness end up being though.
This is what I don’t like. Congress has proven that they aren’t able to do their jobs properly with the latest rounds of stimulus and has forced trump’s hand. To have to depend on them to not make this a political attack against each other and prolong legislation will infuriate me for the next several months.
post 1698548473 03-01-2024, 02:13 AM
-
#38
  1. onlinetax
  2. Registered User
  1. onlinetax
  2. Registered User
  3. Join Date: Mar 2024
  4. Age: 56
  5. Posts: 4
  6. Rep Power: 0
Originally Posted By redmelly⏩
Your next check will most likely be bigger due to the payroll tax holiday, which is really a deferment of payroll tax. This will be through the end of the year.

This is just a deferment, and will have to be paid back by April 15. UNLESS Trump gets back in office AND forgives it. Just to be safe, be prepared to pay it back by next April when doing taxes.

This is for the first $104k earned, or those who earn up to $4000 bi-weekly.
he payroll tax holiday is a topic of discussion due to its impact on workers' paychecks. While it may provide immediate relief by increasing take-home pay, it's important to recognize that it's essentially a deferment of taxes rather than a permanent reduction. This means that the taxes will eventually need to be paid back, potentially by April 15 if not forgiven. This temporary measure applies to earnings up to $104,000 or those earning up to $4,000 bi-weekly. The implications of this holiday, including its potential long-term effects and the likelihood of forgiveness, are subjects for debate and consideration.
post 1698548533 03-01-2024, 02:14 AM
-
#39
  1. onlinetax
  2. Registered User
  1. onlinetax
  2. Registered User
  3. Join Date: Mar 2024
  4. Age: 56
  5. Posts: 4
  6. Rep Power: 0
he payroll tax holiday is a topic of discussion due to its impact on workers' paychecks. While it may provide immediate relief by increasing take-home pay, it's important to recognize that it's essentially a deferment of taxes rather than a permanent reduction. This means that the taxes will eventually need to be paid back, potentially by April 15 if not forgiven. This temporary measure applies to earnings up to $104,000 or those earning up to $4,000 bi-weekly. The implications of this holiday, including its potential long-term effects and the likelihood of forgiveness, are subjects for debate and consideration.
Quick Navigation Top Misc
Bookmarks
Digg.com
Digg
del.icio.us
del.icio.us
Stumbleupon.com
StumbleUpon
Google.com
Google
Facebook.com
Facebook
Posting Permissions
  1. You may not post new threads
  2. You may not post replies
  3. You may not post attachments
  4. You may not edit your posts