[Diana in Wisconsin]

I just have to say - I sure don't miss the years I had to write that kind of gobbledygook (Yes, it's a WORD!) for Army Regulations, LOL!

Well Done, Mr. President. Loving ALL of your EOs today, especially THIS part:

Section 1. Policy. The 2019 novel coronavirus (COVID-19) that originated in the People’s Republic of China has caused significant, sudden, and unexpected disruptions to the American economy.

[Raycpa]

26 U.S. Code § 3101. a)Old-age, survivors, and disability insurance In addition to other taxes, there is hereby imposed on the income of every individual a tax equal to 6.2 percent of the wages (as defined in section 3121(a)) received by the individual with respect to employment (as defined in section 3121(b)).

[TLI]

Does this mean no Federal income tax, Social Security tax and Medicare tax will be deducted from my pay check gross amount?

.

[Raycpa]

26 U.S. Code § 7508A.Authority to postpone certain deadlines by reason of Presidentially declared disaster or terroristic or military actions

[LostInBayport]

The Secretary of the Treasury shall explore avenues, including legislation, to eliminate the obligation to pay the taxes deferred pursuant to the implementation of this memorandum.

If that doesn't happen there will be some incredibly unhappy people come January. The Botoxed One might stick it to the working class once more if she keeps the House.

[Thank You Rush]

Can someone break it down for us old folks? The codes mean absolutely nothing to us and doesn’t affect us but we still want to know what’s going on. I did payroll for years but I don’t even understand what’s changing...and I have a hunch it’s Greek to a lot of current employees:

“”to defer the withholding, deposit, and payment of the tax imposed by 26 U.S.C. 3101(a)”” ~~~ which means WHAT taxes - INCOME or FICA (Social Security) all of which get deposited to the feds or states after a payroll?? We can’t get it in English? I bet the president would have trouble deciphering the meaning of it!!!

“”The Secretary of the Treasury is hereby directed to use his authority pursuant to 26 U.S.C. 7508A to defer the withholding, deposit, and payment of the tax imposed by 26 U.S.C. 3101(a), and so much of the tax imposed by 26 U.S.C. 3201 as is attributable to the rate in effect under 26 U.S.C. 3101(a), on wages or compensation, as applicable, paid during the period of September 1, 2020, through December 31, 2020, subject to the following conditions””

[Drago]

You make $105K a year, “no soup for you!”

[eyeamok]

Ok, I am self employed with 1 employee, FICA for me is 15%, my employee pays 7.5% and I pay 7.5% on his behalf, yes ALL Employers pay HALF the FICA tax for their employtee’s. So it isn’t exactly clear which portion or if all of it is going away temporarily.