When should I pay the deferred social security tax?
235 views | Last modified 3/23/2021 1:56:25 AM EST | Added by ExpressEfile Team

Applicable To
Form 941 Form 1099 / W-2 Form 2290

In general, employers withhold 6.2% of the salary for the social security tax along with some other taxes. Also, the employer should make a matching contribution. All the withholding amounts should be reported to the IRS by the end of the quarter before the 941 deadlines

Due to COVID-19, the federal government allowed employers to defer the employer share of social security taxes from quarter 2. With the change in payroll deferment that allows employers to defer the employee share of social security taxes, Form 941 for quarter 3 has been revised. This deferment applies only to the wages paid between September 1, and December 31, 2020. Thus, they can deposit the deferred amount later.

The IRS has regularized the deadline for paying the deferred amount. Below is the deadline to pay such amounts. 

For employer share of deferred social security taxes:

  • Pay 50% of the deferred amount by December 31, 2021.
  • Pay the remaining 50% of the deferred amount by December 31, 2022.

For employee share of deferred social security taxes,

  • the taxes must be deposited before December 31, 2021

It’s the employer’s responsibility to deposit both the employee and employer portion of deferred social security taxes.   

Note: For the 2021 tax year, social security taxes cannot be deferred. 
 

 

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