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Even though employers could defer payroll taxes on paychecks, many of them are choosing not to.
President Trump’s payroll deferment went into effect last week. It gives employees a break on their half of the payroll tax taken from their checks. But the suspension is temporary. They will be asked to pay it back, and if they don’t, their employers can be on the hook for it. Many companies don’t want to rack up that bill when none of us know what the world will look like then.
Kicking the can
Jay Starkman is the CEO of Engage PEO, and he explained it this way to the Associated Press: “If the employee doesn’t pay the money back, you’re on the hook for it. Till that changes, it doesn’t make sense to give somebody a few more months of money.”
