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Forbes
On August 8, President Donald Trump signed an executive order authorizing a temporary payroll tax deferral for American workers.
The deferral, which would be in effect between September and December 2020, would allow employers to refrain from withholding Social Security tax from employee paychecks. Employees earning about $100,000 or less per year would see an increase to each paycheck during the deferral period.
Typically, employees and employers each pay half of the total 12.4% Social Security tax due for each worker. But under the executive order, employers would refrain from withholding the 6.2% from employees for Social Security, but would still contribute their own portion for each worker.
Use this calculator to see how much your paycheck would increase due to Trump’s executive order to defer payroll taxes.
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