An employer who would like to defer payment of payroll taxes may defer ______.
The employer and employee portions of payroll tax for the entire year.
The employer portion of payroll tax for wages paid after March 12, 2020 and before January 1, 2021.
The employee portion of payroll tax for wages paid after March 27, 2020 and before January 1, 2021.
The employer and employee portions of payroll tax for wages paid after January 1, 2020, and before July 15, 2020.
The correct answer is:- The employer portion of payroll tax for wages paid after March 12, 2020 and before January 1, 2021.
Explanation - This Executive Order was written as a deferral, which means the payroll taxes that are deferred by your employer now will be due at a future date. As of this writing, it is most likely that employers who choose to defer taxes from September to December 2020 will end up withholding double taxes from January to recoup the amount.
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