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4 Ways to Stop the Payroll Tax Cut from Lowering Your 2021 Paycheck

September 8, 2020

From the website

If your employer stops withholding Social Security taxes on your paycheck, expect to take home less money in early 2021.

The IRS finally released long-awaited direction on the payroll tax cut President Donald Trump ordered in August — just four days before the new rules took effect September 1.

According to the new guidance, employers that don’t withhold payroll taxes between September and December 2020 will be responsible for withholding those taxes during the first four months of 2021.

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