Financial Services - Payroll

The Department of Treasury and Internal Revenue Service has presented guidance (Notice 2020-65) on the Presidential Memorandum issued on August 8, 2020, allowing employers to defer withholding and payment of the employee's portion of the Social Security tax if the employee's wages are below a certain amount. An evaluation of this guidance has determined that participation only defers, or postpones, employee tax for the period of September 1, 2020, and ending December 31, 2020; therefore, creating a double tax burden to the employee beginning January 1, 2021, and ending April 30, 2021. Henry County Schools will not participate in the payroll tax deferral option. Thanks

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