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Is your employer participating in the payroll tax holiday?


Are they?  

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Just now, Juxtatarot said:

 I think there is a non-zero chance that Congress and a president could decide to forgive the taxes in the future for those who participate.  

Well in that case, the people that DID pay should riot in the streets. #### that. 

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Our HR department sent out an email stating they did not have enough guidence to be able to implement it in our ERP system.

I am unsure if I would have been effected anyways as I have no idea about how much someone would need to earn to qualify.

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I work for an employee leasing company that has about 3,000 employees we pay all over the country.  We are not doing it for anyone and have gotten 0 complaints with our stance in fact we've had a bunch of thank you's from clients and employee's alike.  There is almost no chance these taxes are forgiven and with the employer being liable for payroll taxes if an employee doesn't pay there is almost 0 upside in participating. 

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23 minutes ago, Drunken Cowboy said:

It is non zero, but it is very small. Less than 1%

Yes, I think you might be right.  If it were even a 10% chance, I think I'd be in favor of rolling the dice and participating because the downside is only having to pay it back next year.  But if it's less than 1%?  Probably not worth it.

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1 hour ago, Juxtatarot said:

Yes, I think you might be right.  If it were even a 10% chance, I think I'd be in favor of rolling the dice and participating because the downside is only having to pay it back next year.  But if it's less than 1%?  Probably not worth it.

Even if Trump wins, the GOP takes back The House and gains seats in the Senate, I don't think it is 10%.

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13 minutes ago, dkp993 said:

My company opted out.  But prior to that being announced I had many on my teams reach out to me to see if they could opt out individually.  

Fed employee.  We are doing it.  No option to opt out.  At least 5 emails so far, with more to come as more details emerge.  Seat of pants.  Feel bad for the young folks who have to put up with this - I'm over the limit.  Feel bad for people who move to other jobs who have to figure out how to pay it back.  So stupid.

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1 hour ago, proteus126 said:

Fed employee.  We are doing it.  No option to opt out.  At least 5 emails so far, with more to come as more details emerge.  Seat of pants.  Feel bad for the young folks who have to put up with this - I'm over the limit.  Feel bad for people who move to other jobs who have to figure out how to pay it back.  So stupid.

I'm a Fed and haven't heard a peep about it :unsure:

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1 hour ago, Juxtatarot said:

I think the assumption is it wouldn't be.  But who knows?

So by opting in I could come out ahead (but probably not) and by opting out I could avoid a potential headache (but potentially leave money on table). I'm gonna draft up an email to payroll, but not hit send until Monday in case I reconsider.

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Just now, MAC_32 said:

So by opting in I could come out ahead (but probably not) and by opting out I could avoid a potential headache (but potentially leave money on table). I'm gonna draft up an email to payroll, but not hit send until Monday in case I reconsider.

That was my original position.  However, I'm now thinking that the chance of leaving money on the table is so low it may not be worth the headaches for the employer.  

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My wife said it sounded like a nightmare. She does HR and there’s been zero guidance on it and if an employee doesn’t pay it back, the company is on the hook for it. Not sure what the point of this even was.

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1 hour ago, Ilov80s said:

My wife said it sounded like a nightmare. She does HR and there’s been zero guidance on it and if an employee doesn’t pay it back, the company is on the hook for it. Not sure what the point of this even was.

If a lot of companies decided to participate I think there would have been a lot of pressure on the government to forgive the taxes so that the lack of net income next year wouldn’t hurt the economy.  But that doesn’t seem to be the case.

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9 minutes ago, Juxtatarot said:

If a lot of companies decided to participate I think there would have been a lot of pressure on the government to forgive the taxes so that the lack of net income next year wouldn’t hurt the economy.  But that doesn’t seem to be the case.

It just didn’t seem to make sense and/or was very poorly rolled out

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Our company gave us the choice to opt in or not. I chose to opt in for the tax to not be taken out. I'll take the difference in my check and throw it in my savings in case it is "forgiven" at a later date. If it is not forgiven, I'll just take it back out of the savings and pay it back. 

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1 hour ago, top dog said:

Our company gave us the choice to opt in or not. I chose to opt in for the tax to not be taken out. I'll take the difference in my check and throw it in my savings in case it is "forgiven" at a later date. If it is not forgiven, I'll just take it back out of the savings and pay it back. 

This is financially the correct answer. However it provides no economic stimulus. 

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3 hours ago, top dog said:

I agree 100%. Just didn't want to miss out on the small chance it gets forgiven. 

You are doing the right thing. I am just pointing out how bad an idea the whole thing is. I also could have pointed out that the only way this could help you is if you haven't lost your job.

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