Payroll Tax deferral

[snowcat66]

Trumps payroll Tax deferral starts tomm Sep 1st. Will Fedex participate . The way I read companies do not have too. Then again if he is not re elected and congress does not approve of not having to pay them back then 1st few months of 2021 will be painful as paychecks will be doubly taxed to catch up...

 

[It will be fine]

Trumps payroll Tax deferral starts tomm Sep 1st. Will Fedex participate . The way I read companies do not have too. Then again if he is not re elected and congress does not approve of not having to pay them back then 1st few months of 2021 will be painful as paychecks will be doubly taxed to catch up...

A company would have to be crazy to participate.

 

[Operational needs]

A company would have to be crazy to participate.

Why? Plz explain it to me like I’m a 5-year-old. Lol.

 

[It will be fine]

Why? Plz explain it to me like I’m a 5-year-old. Lol.

If a company stops withholding and the employee quits the employer will still be responsible for paying the owed taxes next year. There’s literally zero benefit to employers to take this risk.

 

[Operational needs]

If a company stops withholding and the employee quits the employer will still be responsible for paying the owed taxes next year. There’s literally zero benefit to employers to take this risk.

Thank you.

 

[Buhryein]

A company would have to be crazy to participate.

Actually, it would be just like fedex to participate... it will give the perceived notion that fedex is helping their employees take home extra money per paycheck in addition to their 2% "raise". Then next year if it isn't forgiven they just take it back and of course that's not their fault they have no choice right... Companies are going to be liable for collecting not for paying it back. In the case of someone leaving a job the company can add this amount as a lump sum on their last paycheck.

Now here's the question it would be optional for an employee to participate, if you do you'd get a break probably about 1000 to 1500 over time. If it's forgiven then you just made out with some free money, if its not forgiven you owe it back starting next year.

 

[fedx]

Actually, it would be just like fedex to participate... it will give the perceived notion that fedex is helping their employees take home extra money per paycheck in addition to their 2% "raise". Then next year if it isn't forgiven they just take it back and of course that's not their fault they have no choice right... Companies are going to be liable for collecting not for paying it back. In the case of someone leaving a job the company can add this amount as a lump sum on their last paycheck.

Now here's the question it would be optional for an employee to participate, if you do you'd get a break probably about 1000 to 1500 over time. If it's forgiven then you just made out with some free money, if its not forgiven you owe it back starting next year.

The way I've seen companies lie and do fraudulent things, I could see FedEx doing this just like you said to make themselves look good. Then, if they have to take it back, they will claim a hardship and the company will get it forgiven. I saw a former employer of mine do illegal things with not collecting unemployment taxes for years and they never got in trouble. These corporations get away with stuff that regular people would be put in prison for.

 

[AB831]

Actually, it would be just like fedex to participate... it will give the perceived notion that fedex is helping their employees take home extra money per paycheck in addition to their 2% "raise". Then next year if it isn't forgiven they just take it back and of course that's not their fault they have no choice right... Companies are going to be liable for collecting not for paying it back. In the case of someone leaving a job the company can add this amount as a lump sum on their last paycheck.

Now here's the question it would be optional for an employee to participate, if you do you'd get a break probably about 1000 to 1500 over time. If it's forgiven then you just made out with some free money, if its not forgiven you owe it back starting next year.

Whatever FedEx can best use for the sake of argument is exactly what they’re going to do.

 

[Fred's Myth]

If anybody wants to criticize Trump, for THIS scatterbrained idea, I’ll join in. You’ll finally have a legitimate basis.

 

[bacha29]

The way I've seen companies lie and do fraudulent things, I could see FedEx doing this just like you said to make themselves look good. Then, if they have to take it back, they will claim a hardship and the company will get it forgiven. I saw a former employer of mine do illegal things with not collecting unemployment taxes for years and they never got in trouble. These corporations get away with stuff that regular people would be put in prison for.

If an employer/employee's FICA taxes are waived/ forgiven will that employee's earnings for the year continued to be credited as a Social Security earning's/benefit year? Important if it's one of the employee's highest earnings year.

 

[SmithBarney]

A company would have to be crazy to participate.

So what you are saying FedEx will be first in line...

The way FedEx will think about it, lets throw a arbitrary number into the mix.
Say FedEx withholds $1,000,000, it's accountants think they can manage the money better
invest it and turn it into $2,000,000 by the time it's due. Unfortunately it won't play out that way.
Honestly hope they don't participate.

 

[Wally]

Why? Plz explain it to me like I’m a 5-year-old. Lol.

NO...ga ga!
...wash your hands!

 

[Operational needs]

NO...ga ga!
...wash your hands!

They’re as clean as they’re going to get. I just washed dishes in hot, soapy water. Lol.

 

[Wally]

They’re as clean as they’re going to get. I just washed dishes in hot, soapy water. Lol.

Then you understand

 

[FedexCares]

We were just informed today that Fedex won’t be participating in the tax deferral, not that it’s a surprise or anything. Honestly don’t really care.

 

[CJinx]

If a company stops withholding and the employee quits the employer will still be responsible for paying the owed taxes next year. There’s literally zero benefit to employers to take this risk.

Would the company really be on the hook? I thought it would be the employee when they go to file their taxes. Like if an employee claims multiple dependents that they don't actually have in an effort to reduce their withholding to zero; the employee is still on the hook for unpaid taxes when it comes time to file.

 

[It will be fine]

Would the company really be on the hook? I thought it would be the employee when they go to file their taxes. Like if an employee claims multiple dependents that they don't actually have in an effort to reduce their withholding to zero; the employee is still on the hook for unpaid taxes when it comes time to file.

That’s not how I read the guidance. Employers are supposed to double withholding next year to pay it back. If an employee quits before that the employer is on the hook for the remainder. It’s all a terrible idea that wasn’t thought through, which is what’s to be expected with policy via tweet.

 

[59 Dano]

Actually, it would be just like fedex to participate... it will give the perceived notion that fedex is helping their employees take home extra money per paycheck in addition to their 2% "raise". Then next year if it isn't forgiven they just take it back and of course that's not their fault they have no choice right... Companies are going to be liable for collecting not for paying it back. In the case of someone leaving a job the company can add this amount as a lump sum on their last paycheck.

The way I've seen companies lie and do fraudulent things, I could see FedEx doing this just like you said to make themselves look good. Then, if they have to take it back, they will claim a hardship and the company will get it forgiven.

I love reading complicated reasoning why something will happen all the while knowing the simple reason(s) why it won't.

 

[Buhryein]

I love reading complicated reasoning why something will happen all the while knowing the simple reason(s) why it won't.

I love being quoted by someone who gets all defensive over anything not bleeding purple, all while my post is never read as intended. What is complicated in what I said, where did I say it WOULD happen? You KNEW the "simple" reason it wouldn't happen or are you the only one that can have an opinion on the matter???

 

[59 Dano]

I love being quoted by someone who gets all defensive over anything not bleeding purple, all while my post is never read as intended. What is complicated in what I said, where did I say it WOULD happen? You KNEW the "simple" reason it wouldn't happen or are you the only one that can have an opinion on the matter???

Why do you get so butthurt so easily?