(L-R) Senate Majority Chief Mitch McConnell, Secretary of Treasury Steven Mnuchin, and Senate Minority Chief Chuck Schumer maintain a gathering to debate a possible financial invoice in response to the coronavirus, COVID-19, in Washington, DC, on March 20, 2019.
Saul Loeb | AFP | Getty Photographs
Small companies dealing with payroll tax funds will get some aid from Congress – the choice of deferring cost to Uncle Sam till subsequent yr.
Particularly, the $2 trillion coronavirus aid invoice will allow small companies to defer their share of Social Safety payroll taxes in 2020. Payroll taxes are shared by staff and their employers, so that every pays 6.2% towards Social Safety and 1.45% towards Medicare.
Sole proprietorships would additionally qualify.
The aid package deal handed on Friday afternoon.
Corporations that defer their Social Safety payroll taxes may have till the tip of 2021 to pay the primary half of the deferred levies. The remaining tax legal responsibility shall be due by Dec. 31, 2022.
That is simply...
Supply cnbc.com
