President Donald Trump on Saturday, Aug. 8, issued an executive order to defer the withholding, deposit and payment of certain payroll taxes paid from Sept. 1 through Dec. 31.
The presidential memorandum was one of four the president issued on Saturday as congressional negotiators struggle to agree on a bill that extends COVID-19 relief.
The deferral applies to any employee whose pretax wages or compensation during any biweekly pay period generally is less than $4,000.
Treasury is now directed to issue guidance that implements the order and explores ways to ultimately eliminate the obligation to pay the deferred taxes. Learn more.