ABF | Payroll Tax Holiday

[canaryinthemine]

Anyone know if ABF has decided to enact the Payroll Tax Holiday President Trump created in an Executive Order?

Apparently, any employee who makes more than $4000 every two weeks,...or $100,000 a year is not eligible for the Tax Holiday. Many employers are confused about the guidelines.

The Payroll Tax Holiday is a Deferral,...of Social Security taxes. Both the Employer's and Employee's side of the 12.4% Social Security Tax will be Deferred until January 1st, 2021.

Then you pay it back.........

In 2011 and 2012, President Bush declared a Tax Holiday of 2% for Social Security taxes,....resulting in a 10 billion per month loss to Social Security.

The GAO says if the Payroll Tax is permanently deferred,...as President Trump said he might,.....then Social Security reserves will be depleted by 2023.

Some companies say they will not enact the deferral,....some will enact it, but keep both Employer's and Employee's portions in an escrow account,....and some will enact it, and not collect either the Employer's OR the Employee's tax amount.

$1800 paycheck,....6.2% deferral means an extra $111 in your weekly check. But maybe no Social Security in the future.......
Or maybe a $1785 tax payment on January 2021.

 

[Trucker 206]

Anyone know if ABF has decided to enact the Payroll Tax Holiday President Trump created in an Executive Order?

Apparently, any employee who makes more than $4000 every two weeks,...or $100,000 a year is not eligible for the Tax Holiday. Many employers are confused about the guidelines.

The Payroll Tax Holiday is a Deferral,...of Social Security taxes. Both the Employer's and Employee's side of the 12.4% Social Security Tax will be Deferred until January 1st, 2021.

Then you pay it back.........

In 2011 and 2012, President Bush declared a Tax Holiday of 2% for Social Security taxes,....resulting in a 10 billion per month loss to Social Security.

The GAO says if the Payroll Tax is permanently deferred,...as President Trump said he might,.....then Social Security reserves will be depleted by 2023.

Some companies say they will not enact the deferral,....some will enact it, but keep both Employer's and Employee's portions in an escrow account,....and some will enact it, and not collect either the Employer's OR the Employee's tax amount.

$1800 paycheck,....6.2% deferral means an extra $111 in your weekly check. But maybe no Social Security in the future.......
Or maybe a $1785 tax payment on January 2021.

Are we one election away from The Fourth Reich or what?? Good God, people. Think about what a deferral of this tax, even a partial one, would mean not only to current SS recipients, but future (if there is one) recipients as well. This is a terrifying idea!

 

[Banned for Life]

There's no money in the S.S. trust fund. S.S. will always be paid, either borrowed or printed money. Canary is just trying to scare the old folks, into voting commie. To bad the commies have already scared them into voting TRUMP!

 

[canaryinthemine]

I'm not sure many guys know what this is...I'd recommend anyone to type in: "Payroll Tax Deferment" and see what they get.

No one seems to be talking about this very much, but it starts September 1st.

 

[gone for good]

Anyone know if ABF has decided to enact the Payroll Tax Holiday President Trump created in an Executive Order?

Apparently, any employee who makes more than $4000 every two weeks,...or $100,000 a year is not eligible for the Tax Holiday. Many employers are confused about the guidelines.

The Payroll Tax Holiday is a Deferral,...of Social Security taxes. Both the Employer's and Employee's side of the 12.4% Social Security Tax will be Deferred until January 1st, 2021.

Then you pay it back.........

In 2011 and 2012, President Bush declared a Tax Holiday of 2% for Social Security taxes,....resulting in a 10 billion per month loss to Social Security.

The GAO says if the Payroll Tax is permanently deferred,...as President Trump said he might,.....then Social Security reserves will be depleted by 2023.

Some companies say they will not enact the deferral,....some will enact it, but keep both Employer's and Employee's portions in an escrow account,....and some will enact it, and not collect either the Employer's OR the Employee's tax amount.

$1800 paycheck,....6.2% deferral means an extra $111 in your weekly check. But maybe no Social Security in the future.......
Or maybe a $1785 tax payment on January 2021.

 

[gone for good]

Forget it my friend were all overpaid just ask anybody management Also I’m toll weekly I’m lucky to have a job go figure

 

[gone for good]

As you can tell I have thick fingers but you get the message

 

[GO40]

Forget it my friend were all overpaid just ask anybody management Also I’m toll weekly I’m lucky to have a job go figure

You should call somebody higher then the person telling you that & see if anything happens. Half these people should not have job's let alone tell anyone else they are lucky. Maybe your manager should realize were not a dime a dozen anymore, just ask him how well that's working out in Carlisle who is looking to hire 200 people? At my terminal we have loads sitting, late freight & time keepers being missed weekly. It's time for this company to step up & get rid of the dead wood killing this company....

 

[gone for good]

You should call somebody higher then the person telling you that & see if anything happens. Half these people should not have job's let alone tell anyone else they are lucky. Maybe your manager should realize were not a dime a dozen anymore, just ask him how well that's working out in Carlisle who is looking to hire 200 people? At my terminal we have loads sitting, late freight & time keepers being missed weekly. It's time for this company to step up & get rid of the dead wood killing this company....

 

[gone for good]

Thank you my friend I’ll let BS like that roll right off my shoulders and laugh every day be safe

 

[canaryinthemine]

It's amazing that the people telling you you're "lucky to have a job..."....are the very people who are "earning" their paycheck off the sweat of your brow........
They surely can't do the job,........

And now these same people are the ones to decide whether to fund the Payroll tax,.... our Social Security,.....or not......

We see how they feel about our pensions.

I guess there's gullible people out there, who would gravely nod their head after being told: "You're Lucky to have a job...."
And gullible enough to think de-funding Social Security is a good thing,......'cause the Boss told me so........

 

[gone for good]

It's amazing that the people telling you you're "lucky to have a job..."....are the very people who are "earning" their paycheck off the sweat of your brow........
They surely can't do the job,........

And now these same people are the ones to decide whether to fund the Payroll tax,.... our Social Security,.....or not......

We see how they feel about our pensions.

I guess there's gullible people out there, who would gravely nod their head after being told: "You're Lucky to have a job...."
And gullible enough to think de-funding Social Security is a good thing,......'cause the Boss told me so........

 

[gone for good]

Your spot on my friend,but I think you know that I know how to play the game to get what I want and I believe you’re just like that we got this they can’t take away from us

 

[Trucker 206]

Your spot on my friend,but I think you know that I know how to play the game to get what I want and I believe you’re just like that we got this they can’t take away from us

Well, yeah... I guess we all know the ‘playbook’ by now. If we don’t, then it’s back to ‘school’ we should all go, I suppose. I believe (part of) the message canary is trying to convey is that this Payroll Tax ‘Deferral’ is just another assault on good, hard-working people’s retirement...Social Security. In disguise: another ‘tax cut’ for big business...just like that sweetheart tax cut they received in 2017. If it truly is temporary, guess who has to pay it back? If it’s permanent, God help us all.

 

[RoundaboutChaos]

Funny thing, I asked my employer today what their plan was for the tax “ holiday”. They had no idea. Hopefully they will continue to just take the taxes out. I can see a lot of people unable to pay back January 1st. I also see a lot of people my age not putting a lot of faith in social security if this keeps up .

 

[DCM_Doc]

You should call somebody higher then the person telling you that & see if anything happens. Half these people should not have job's let alone tell anyone else they are lucky. Maybe your manager should realize were not a dime a dozen anymore, just ask him how well that's working out in Carlisle who is looking to hire 200 people? At my terminal we have loads sitting, late freight & time keepers being missed weekly. It's time for this company to step up & get rid of the dead wood killing this company....

The company had a lesson in replacing employees when many left the Little Rock terminal a few years back after Roy Slagle threatened to close the terminal & move operations to Memphis. Very few wanted to move to Memphis so many applied at other freightlines in LR & were hired immediately. Even after lowering hiring requirements, the company could not replace experienced/dependable workers. The company had to bring in workers from other terminals on weekends. The company paid for their transportation to & from LR. Shop employees were given the opportunity to work overtime on the dock after their bid shift ended.

 

[GO40]

The company had a lesson in replacing employees when many left the Little Rock terminal a few years back after Roy Slagle threatened to close the terminal & move operations to Memphis. Very few wanted to move to Memphis so many applied at other freightlines in LR & were hired immediately. Even after lowering hiring requirements, the company could not replace experienced/dependable workers. The company had to bring in workers from other terminals on weekends. The company paid for their transportation to & from LR. Shop employees were given the opportunity to work overtime on the dock after their bid shift ended.

You would think they would have learned from the past. Sad to say but this management is the new normal....

 

[Big Dave]

In 2011 and 2012, President Bush declared a Tax Holiday of 2% for Social Security taxes,....resulting in a 10 billion per month loss to Social Security.

Sure you don’t want to talk about women???.....

 

[canaryinthemine]

Sure you don’t want to talk about women???.....

Sorry, Big Dave,......Although Women will always be a Major occupation of my life,....( I'm going to figure them out ,one at a time,....Still working on my first specimen,...and I collected her 43 years ago,.....)( ...give me another seven decades, and I'll figure her out completely....).....
......I'm afraid my years of being a Steward/Ass,t Steward/Father/Uncle/Brother,...made me concerned and interested in the General Welfare of My Fellow Planetary Citizens,.....

I know,....Odd, isn't it? But I've always thought that.....People are the most Interesting things on Earth.......

And although there's far less money in worrying about People as there is in taking advantage of People,.......I think I'd rather be a poor honest Voice crying in the Wilderness..than a Rich Man with a Megaphone selling Snake Oil........

My personal Goal in Life?........To make a complete stranger laugh out loud every day........

Sometimes I do it on Purpose,......sometimes not.........

Satisfying, either way.......

 

[canaryinthemine]

Funny thing, I asked my employer today what their plan was for the tax “ holiday”. They had no idea. Hopefully they will continue to just take the taxes out. I can see a lot of people unable to pay back January 1st. I also see a lot of people my age not putting a lot of faith in social security if this keeps up .

From what I understand,....many employers are shying away from the Tax Holiday,.....as it is an accountant's nightmare.
I've talked with some of the officers from the Local, I retired from,.....They've informally polled the employers in this area of W. Penna., and told me it appears that none of the collectively-bargained employers in that Local seem to be using this Tax Holiday Provision.

This is informal,...as I've been told. Apparently ArcBest is not deferring the Social Security Tax. The proof will be your next paycheck. Income tax will be taken out, no matter what,......but they may not take any FICA tax,...if they elect to defer that tax......

I'd suggest everyone monitor their pay stub closely,......If there is no 6.2% FICA/Social Security Tax taken out,....REMEMBER, it is merely deferred,....until December 31st. Then, you may owe it......Maybe in one lump sum,.....

Don't be taken unawares,.....and warn your fellow employees. Please look it up on the Internet. I do not recommend links as a general rule,.....use your own preferences for information.

Type in "Payroll Tax Holiday",...or "Deferment". Forewarned is forearmed........