Payroll tax deferral

[can't touch this]

Whelp a double boomertax is certainly a grim prospect...instead how about we defer it forever for me and people I like

 

[Rarejem]

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]

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]

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.

 

[dannyy315]

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]

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.)

 

[Fluttervale]

I have read that non federal government employers can choose whether to do it or not. I asked my HR and they said Target is not participating at this time. Obviously could change.

 

[dannyy315]

I’m pretty confident Target isn’t participating, we would’ve heard something by now.

 

[Poofresh]

No changes on my check this Friday.

 

[Yetive]

Target has officially declined to participate.

 

[BoxCutter]

Yep, ETL-HR told me she got the email today.

 

[commiecorvus]

Who I feel bad for is the military.
They are being forced into it.
They have no fucking choice.
Such bullshit.

 

[can't touch this]

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