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Social Security Payroll Tax Deferral

A Presidential Memorandum to temporarily defer Social Security Old Age, Survivors, and Disability Insurance tax withholdings was issued on August 8 with following guidance from the Internal Revenue Service on August 28. This tax deferment is designed to provide relief during the COVID-19 pandemic. What this means: the Social Security tax, listed on the Leave and Earnings Statement of military personnel and civilian employees, will not be paid to the government for the rest of this year…
A Presidential Memorandum to temporarily defer Social Security (Old Age, Survivors, and Disability Insurance (OASDI)) tax withholdings was issued on August 8, 2020 with following guidance from the Internal Revenue Service on August 28, 2020. This tax deferment is designed to provide relief during the COVID-19 pandemic. For more information on the tax deferral, visit https://www.dfas.mil/taxes/Social-Security-Deferral/

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Author: Courtesy Story

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