Self-employed individuals must pay both sides of the payroll tax, equivalent to both the employer share and the employee share. Due to a subsequent legislative change, employers now qualify for the payroll tax deferral, even if they were recipients of PPP loans. No such restrictions apply with respect to the payroll tax deferral under the CARES Act. Finally, although payments are extended, payroll tax returns must still be filed by the required due date. Also, there’s the recently announced payroll tax deferral for employees earning less than $104,000 per year.

Source: Forbes October 09, 2020 14:59 UTC