Here's why you'll need to prepare for a smaller paycheck in 2021
 

Didn't Trump promise bigger paychecks?
Looks like you might have to pay it all back, unless I've read it wrong?

https://www.foxbusiness.com/money/he...ycheck-in-2021

Here's why you'll need to prepare for a smaller paycheck in 2021
 

On 9/19/20 12:13 PM, Bod wrote:
Didn't Trump promise bigger paychecks?
Looks like you might have to pay it all back, unless I've read it wrong?

https://www.foxbusiness.com/money/he...ycheck-in-2021


Say what you like but I've never before had an interest-free loan from the IRS.

Here's why you'll need to prepare for a smaller paycheck in 2021
 

On 9/19/2020 11:13 AM, Bod wrote:
Didn't Trump promise bigger paychecks?
Looks like you might have to pay it all back, unless I've read it wrong?

https://www.foxbusiness.com/money/he...ycheck-in-2021

Well, it was only a deferral, not a recission of the SS tax, so, yes,
Virginia, it will become due and payable going forward.

As the story goes on to say, a campaign promise as been to rescind the
future bill, that's ripe with other issues of subsequent consequences
and probably can't be done only by executive order but would take
authorizing legislation -- which, I'd guess wouldn't be forthcoming.

If one were smart and weren't in such desperate straits that didn't seem
any alternative but to accept it (which would seem if were still working
so were getting payroll checks anyway would be the case) would been to
just bank the extra knowing would have to make it up latter.

I don't know if was possible to have refused and continued to have it
taken out to avoid the future liability or not; haven't had a payroll
check from an employer in 30+ years so not up on the rules...nor what
specific provisions were in the CARES act deferral.

Law of unintended consequences strikes again...

--

Here's why you'll need to prepare for a smaller paycheck in 2021
 

On 9/19/2020 9:37 AM, dpb wrote:
On 9/19/2020 11:13 AM, Bod wrote:
Didn't Trump promise bigger paychecks?
Looks like you might have to pay it all back, unless I've read it wrong?

https://www.foxbusiness.com/money/he...ycheck-in-2021


Well, it was only a deferral, not a recission of the SS tax, so, yes,
Virginia, it will become due and payable going forward.

As the story goes on to say, a campaign promise as been to rescind the
future bill, that's ripe with other issues of subsequent consequences
and probably can't be done only by executive order but would take
authorizing legislation -- which, I'd guess wouldn't be forthcoming.

If one were smart and weren't in such desperate straits that didn't seem
any alternative but to accept it (which would seem if were still working
so were getting payroll checks anyway would be the case) would been to
just bank the extra knowing would have to make it up latter.

I don't know if was possible to have refused and continued to have it
taken out to avoid the future liability or not; haven't had a payroll
check from an employer in 30+ years so not up on the rules...nor what
specific provisions were in the CARES act deferral.

Reports are that many companies never stopped collecting and processing
the tax. So then, no diff either way.

Here's why you'll need to prepare for a smaller paycheck in 2021
 

On 09/19/2020 10:22 AM, Trump 2020 wrote:
On 9/19/20 12:13 PM, Bod wrote:
Didn't Trump promise bigger paychecks?
Looks like you might have to pay it all back, unless I've read it wrong?

https://www.foxbusiness.com/money/he...ycheck-in-2021



Say what you like but I've never before had an interest-free loan from
the IRS.


Do the math. That will be taxable income in 2020. Then, after paying
tax, they take the 'interest free loan' back. That might be a sweet deal
if you're one of Romney's 47% that doesn't pay taxes.

Here's why you'll need to prepare for a smaller paycheck in 2021
 

On 19/09/2020 17:22, Trump 2020 wrote:
On 9/19/20 12:13 PM, Bod wrote:
Didn't Trump promise bigger paychecks?
Looks like you might have to pay it all back, unless I've read it wrong?

https://www.foxbusiness.com/money/he...ycheck-in-2021



Say what you like but I've never before had an interest-free loan from
the IRS.

Sounds great, right? Read it again:

Since the aforementioned taxes are only being deferred, not forgiven
completely, you'll need to repay them in 2021. Specifically, you'll have
that extra tax withheld in equal installments between Jan. 1 and April
30 of 2021. Any tax not paid back by that point will begin to accrue
interest and penalties.

While your paychecks might get a short-term boost, they're going to get
smaller in 2021, and you'll need to plan accordingly.

Here's why you'll need to prepare for a smaller paycheck in 2021
 

On 19/09/2020 17:37, dpb wrote:
On 9/19/2020 11:13 AM, Bod wrote:
Didn't Trump promise bigger paychecks?
Looks like you might have to pay it all back, unless I've read it wrong?

https://www.foxbusiness.com/money/he...ycheck-in-2021


Well, it was only a deferral, not a recission of the SS tax, so, yes,
Virginia, it will become due and payable going forward.

As the story goes on to say, a campaign promise as been to rescind the
future bill, that's ripe with other issues of subsequent consequences
and probably can't be done only by executive order but would take
authorizing legislation -- which, I'd guess wouldn't be forthcoming.

If one were smart and weren't in such desperate straits that didn't seem
any alternative but to accept it (which would seem if were still working
so were getting payroll checks anyway would be the case) would been to
just bank the extra knowing would have to make it up latter.

I don't know if was possible to have refused and continued to have it
taken out to avoid the future liability or not; haven't had a payroll
check from an employer in 30+ years so not up on the rules...nor what
specific provisions were in the CARES act deferral.

Law of unintended consequences strikes again...

--
ok, thanks.

Here's why you'll need to prepare for a smaller paycheck in 2021
 

On 09/19/2020 10:37 AM, dpb wrote:
I don't know if was possible to have refused and continued to have it
taken out to avoid the future liability or not; haven't had a payroll
check from an employer in 30+ years so not up on the rules...nor what
specific provisions were in the CARES act deferral.

It's not applicable to me at the moment so I haven't bothered
researching it but I wonder if the 'self-employment' tax of 12.4% is
also suspended.

Here's why you'll need to prepare for a smaller paycheck in 2021
 

On 9/19/2020 1:02 PM, rbowman wrote:
On 09/19/2020 10:37 AM, dpb wrote:
I don't know if was possible to have refused and continued to have it
taken out to avoid the future liability or not; haven't had a payroll
check from an employer in 30+ years so not up on the rules...nor what
specific provisions were in the CARES act deferral.

It's not applicable to me at the moment so I haven't bothered
researching it but I wonder if the 'self-employment' tax of 12.4% is
also suspended.


I also do not know; I've not paid myself a salary in 20 year, so also
did not look to see what the CARES act actually said about the
self-employed.

I'm sure Google knows...

--

Here's why you'll need to prepare for a smaller paycheck in 2021
 

"Bod" wrote in message
...

Didn't Trump promise bigger paychecks?

Nope, the most he might have done is claim that.

Looks like you might have to pay it all back, unless I've read it wrong?

Yes you did, and thats just a prediction anyway.

https://www.foxbusiness.com/money/he...ycheck-in-2021

Here's why you'll need to prepare for a smaller paycheck in 2021
 

On 09/19/2020 01:56 PM, dpb wrote:
On 9/19/2020 1:02 PM, rbowman wrote:
On 09/19/2020 10:37 AM, dpb wrote:
I don't know if was possible to have refused and continued to have it
taken out to avoid the future liability or not; haven't had a payroll
check from an employer in 30+ years so not up on the rules...nor what
specific provisions were in the CARES act deferral.

It's not applicable to me at the moment so I haven't bothered
researching it but I wonder if the 'self-employment' tax of 12.4% is
also suspended.


I also do not know; I've not paid myself a salary in 20 year, so also
did not look to see what the CARES act actually said about the
self-employed.

I'm sure Google knows...

They can keep on knowing for all I care... I actually thought it was
the employer that could defer their payments. My salary is direct
deposit and I don't scrutinize my bank statement so I'll never know.

I do know I got a stimulus check because for reasons unknown it was an
actual paper check that I had to figure out how to deposit.

Here's why you'll need to prepare for a smaller paycheck in 2021
 

On Sat, 19 Sep 2020 17:13:06 +0100, Bod wrote:

Didn't Trump promise bigger paychecks?
Looks like you might have to pay it all back, unless I've read it wrong?

https://www.foxbusiness.com/money/he...ycheck-in-2021

It gives the GOP the chance to say the democrats raised your taxes.
The reality as I pointed out to Bob yesterday is they really need that
money so it has to come from somewhere.
It was always part of the plan that this was just a deferral ... AKA
loan but it wasn't sold that way.
Maybe Trump was planning on losing and he just put this poison pill in
the drawer for Biden.