April 6, 2020 - NFP CARES Act Webinar CARES Act Webinar - NFP - Final | Page 58

LARGE NFP TAX PROVISIONS – CARES
ACT
Delay of Payment – Employer Payroll Taxes
• Employers and self-employed individuals can defer making
deposits of the employer share of Social Security taxes for
remainder of year
• Medicare tax excluded
• 50% of deferred amount due 12/31/21
• 50% balance due 12/31/22
• Think of it as an interest free loan (and not much else)
• Delay NOT available if employer has paycheck protection
loan forgiven
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