When should I pay the employer portion of deferred social security tax?
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Last modified 9/24/2020 6:13:24 PM EST |
Added by ExpressEfile Team
Employers withhold 6.2% of the salary from their employees’ paychecks 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 deadline.
From Quarter 2, 2020, due to the COVID-19 pandemic, the federal government allowed employers to defer their share of social security taxes. But, you have to report the deferred social security taxes in Form 941 to the IRS.
The IRS has regularized the deadline for paying the deferred amount. Below is the deadline to pay such amounts.
- Pay 50% of the deferred amount by December 31, 2020.
- Pay the remaining 50% of the deferred amount by December 31, 2021.