Suspend Payroll Tax thru 2020 ?

[HoughMade]

It has always been my dream that everyone have to save and pay the income and payroll taxes themselves rather than have withholding. Maybe, just maybe, this is a tiny version of that.

Who am I kidding- Trump is using this as a campaign tactic and will claim that is Biden...or whoever, wins the election will not forgive the debt...forcing whoever is actually president to find a way to forgive the debt.

Politicians aren't big on consequences.

Don't worry, pensioners, the people who qualify for this only pay 20% of the taxes.

 

[Ingomike]

It has always been my dream that everyone have to save and pay the income and payroll taxes themselves rather than have withholding. Maybe, just maybe, this is a tiny version of that.

Who am I kidding- Trump is using this as a campaign tactic and will claim that is Biden...or whoever, wins the election will not forgive the debt...forcing whoever is actually president to find a way to forgive the debt.

Politicians aren't big on consequences.

I too have the same dream. But alas the politicians have found an opiate to smooth the taking of hard earned money before the money must be wrenched from its actual owner.

I say it is highly likely no matter who is elected it will be forgiven...

 

[jedi]

I say it is highly likely no matter who is elected it will be forgiven...

This is oh so true.
Trump is "buying" votes right now.

If the masses have to pay this portion of taxes many, many MORE would wake up at all the theft via taxes that occurs.

 

[Kdf101]

If everyone had to pay their share at tax time, instead of it being withheld, there be a lot more scrutiny into govt spending.

 

[d.kaufman]

This may be it at the White House page

https://www.whitehouse.gov/presiden...-obligations-light-ongoing-covid-19-disaster/

Thanks for the link. Someone a couple pages back had said August 1st and also mentioned it is mandatory to have it removed.

Definitely see its Sept. 1st not August but do not see anything stating its mandatory.

Im.just curious because I know my employer will just keep on collecting taxes as usual (just a mom n pop.shop with 2 employees) unless I say something.

Not sure if I should just let them keep taking the payroll tax or have them remove it and me save the money.

Does anyone know if you pay it thru the end of year like we're currently doing and then come January they forgive it, would the money just come back to me when I file taxes?

 

[BugI02]

I seriously doubt it

 

[jedi]

If everyone had to pay their share at tax time, instead of it being withheld, there be a lot more scrutiny into govt spending.

If people had to do quarterly payments like some do the masses your riot at the amount taken!

And dont get me started on the Earned Income Credit

 

[jedi]

I seriously doubt it

Bingo!!! I second this
There is currently no mechanism in place in tax code for this.
Take it and just sit it in a saving account all by itself. Come 2021 u will know if it's yours or not.

 

[d.kaufman]

Bingo!!! I second this
There is currently no mechanism in place in tax code for this.
Take it and just sit it in a saving account all by itself. Come 2021 u will know if it's yours or not.

Ok So I need to tell my employer starting with first paycheck in September to add 6.2% to my paycheck?

 

[HoughMade]

If people had to do quarterly payments like some do...

 

[jedi]

Y da funny?

 

[HoughMade]

Y da funny?

This is me 4 times a year. No withholding and paying quarterly estimated payment for some time now.

...but I hear that over-taxation and overspending aren't important because we're going to "lose the country" if we don't approve of it or something. I didn't quite understand that position.

 

[jedi]

and yet jedi still does NOT see your contributions to the jedi hello kitty death star fund. Hum...

 

[mom45]

Great...thanks for the reminder. Quarterly taxes are due in a few weeks so I will add that to my list.

 

[drillsgt]

This is me 4 times a year. No withholding and paying quarterly estimated payment for some time now.

...but I hear that over-taxation and overspending aren't important because we're going to "lose the country" if we don't approve of it or something. I didn't quite understand that position.

I guess I don't know how the lawyer world works, I thought you worked for a firm but you still have to pay your own taxes?

 

[churchmouse]

If everyone had to pay their share at tax time, instead of it being withheld, there be a lot more scrutiny into govt spending.

Ya-think......

 

[jedi]

I guess I don't know how the lawyer world works, I thought you worked for a firm but you still have to pay your own taxes?

Anyone can pay their own taxes like he does with quarterly estimated taxes. The vast majority of people that work for a company the company does that for you by taking x% of your pay. That is determined by the w4 you fill out which you can change at any time.

If you wanted you could file a w4 to adjust your withholding and make them drop to zero. Thus no federal taxes are taken out. But you still owe that tax so you need to pay those taxes quarterly via estimates tax payments.

Most people dont bother to do this as such have no understanding of how much tax they are paying. It muddies the water even more at end of year since most get a big refund and are happy with that money again not understanding you gave uncle Sam an interest free loan.

In short (and this is a general "you" not you drillsgt).
You are too stupid to save your own money and thus uncle Sam holds it for you and returns it come april and you think your uncle gave you money when in reality its YOUR money all along.

 

[dudley0]

We always shoot for getting enough money back to pay for dinner. A little buffer since the income is not fixed.

 

[phylodog]

You are too stupid to save your own money and thus Uncle Sam holds it for you and returns it come april and you think your uncle gave you money when in reality its YOUR money all along.

That’s a pretty broad brush you’ve got there. Plenty of people aren’t too stupid to understand How it works, they simply choose to have enough taken out so they won’t be writing a check at tax time. It’s a choice, not a measurement of intelligence or lack thereof. You don’t have to agree with it and you don’t have to do things the same way but claiming your method establishes some intellectual superiority is entertaining at best.

 

[jamil]

We always shoot for getting enough money back to pay for dinner. A little buffer since the income is not fixed.

I usually pay a bit every year. But my son had to go and get a real job while going to college, and made too much for me to claim him as a dependent. I had to write a big check. ****ing ******* kid.