Under the president’s order, employers can defer collecting the employee portion of the payroll tax, including the 6.2% Social Security tax on wages, effective Aug. 1 through the end of the year. The order is intended to increase take home pay for employees making less than about $100,000 a year. White House economic adviser Larry Kudlow estimated Sunday that the payroll tax deferral could save employees about $1,200 through the end of the year.
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August 10, 2020 at 07:40AM
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Trump issued four executive orders for pandemic relief. Here’s what you need to know. - Chicago Tribune
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