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A quick thread that WILL save you or a friend's financial life in 2021:
Starting this month until December, your employer (if you're not self employed) will have the option to DEFER payroll taxes (SSI) from your check as a form of COVID relief. (con't)
Starting this month until December, your employer (if you're not self employed) will have the option to DEFER payroll taxes (SSI) from your check as a form of COVID relief. (con't)
The point is so you have a little extra money to spend personally. So you might see an extra couple hundred dollars in your check if your employer decided to opt into the program. The problem is that this a deferral. (con't)
With the deferral, what's gonna happen is you'll either have to pay it back in full, or basically give up a huge cut of your tax return if you have a return to begin with. Again, this is only if your employer chooses to suspend payroll tax. (con't)
So let's say you make $3K a month, and because of this tax holiday, you now make $3,700 a month for the next 4 months. That extra $700 until December will be $2100. This is just an example. The sum may vary for other people. (con't)
