0 Payroll Tax Cut

President donald trump in a meeting with republican lawmakers tuesday on capitol hill pitched a 0 payroll tax rate for employers and employees that would last through the rest of this year a.

0 payroll tax cut. One proposal trump has reportedly made involves cutting payroll taxes to 0 for the remainder of the year. President donald trump keeps pushing congress to include a payroll tax cut in the next economic relief package. And if lawmakers do approve one it most likely would be in effect for a limited period of time.

Top earners pay another 09 percent medicare surtax. While president donald trump has proposed a 0 payroll tax rate for the rest of 2020 such a move could have big consequences for programs like social security and medicare that rely on those taxes. Another way to be updated with quickbooks latest news is through our quickbooks blog.

The medicare payroll tax is an additional 29 percent levy on all wages also split between employees and employers with no cap. During this period certain employees will not have to pay a payroll tax which is 62 for social. This is a temporary payroll tax cut that will last from september 1 2020 until december 31 2020.

Although putting more money in peoples paychecks could provide some help social security. Once the update is ready we will notify you either through this thread via email. The moment it is passed quickbooks will make sure to catch up and apply this change on our future updates.