Will Trump’s payroll tax deferral boost your paycheck? Maybe for a time, if your employer participates — but ‘it’s not free money.’
President Donald Trump’s payroll tax deferral took effect Tuesday, but some Chicago-area accountants are advising employers against implementing it.
The deferral allows employees to delay until Dec. 31 paying the 6.2% tax that comes out of paychecks for Social Security.
Here’s how it works for employees, and what employers might be considering.
Who is eligible?