Anyone know if BBB is participating in this deferral?
Gawd I hope not! More $ to be paid back by next April.
15 replies (most recent on top)
The simple fact is none of you will be working for this company next year when they try to recollect these tax deferrals. So why ask this question. And it’s based on what you claim on your taxes to be taken out of your check don’t believe what they are saying it’s different for all.
Yes, that –turnover rate – is one of the reasons I am fearful for many of the employees. This is up to BBB, will be calling HR in the morning. Hopefully, they will not make matters worse for current/future employees after the most recent misfirings, pun intended.
Thought this is a federal program and employers can choose to participate. If so, they can in turn offer to each employee to make their personal choice to participate or not. The problem for many employers is consideration of potential turnover. If an employee opts for the deferral, but leaves the company before the 1st qtr “pay back” period, they are left with responsibility of repayment. There is the chance they could deduct from last payroll check.
If it can't be banked, you will be in for a rude awakening next year, you'll not only see a positive difference during tbe deferral, you'll see a NEGATIVE difference after the deferral is over, meaning you will take a 12.4% hit on your paychecks next year. Not good for those not anticipating it.
Again, the question has yet to be answered.
Next...
Know your state laws. California law states that all wages must be paid to employee. Tax holiday means the government is not collecting the 6. 2 percent payroll tax so in essence whether your company pays it out to you or not, it’s there choice. In states that allow it some companies will just hold off paying their share and your share of the tax until next year and just bank it, so you will not see a difference. However some states like California does not allow the company to bank it, so you should see a difference.
The poster claiming it was not optional is yet another case of not believing everything you read here.
You are correct sir or ma'am, the link is valid and helps. Pray BBB does not partake in this shell game.
Incorrect, employers are NOT forced to carry out this insane act.
https://www.cnn.com/2020/09/03/success/employers-payroll-tax-deferral/index.html
The fact is the govt isnt allowing it to be optional
Remember, this is a rumor site, not a fact site. I would contact HR before believing anything here, that's if you ever get a posted answer. You will have the real truth once you see a check for any pay period after 9/1.
I would like to know this as well. I would not like a surprise of 2x6.2% taken out of my paycheck early next year.
And, btw, why is being obtuse so contagious on this forum?
That is NOT an answer, next...
The question is not if this is income, WE KNOW THAT, the question was IF BBB is taking part in this fiasco, giving the employees short term gain that WILL need to be paid back.
It's all declared as income.
Now this is info we can all use. Anyone?