What you need to know about Trump's executive order on payroll tax deferrals
August 11, 2020 at 12:34 PM EDT
In his memorandum, Trump directed the Treasury Secretary to defer the employee-side 6.2% payroll tax, which funds Social Security, for those making up to about $104,000 a year. The deferral period would start on Sept. 1 and end Dec. 31. But it has created more questions than answers for businesses and their employees.