Military notifies employees of tax deferral implications
Last updated 9/16/2020 at 12:24pm
The Defense Military Pay Office announced that starting Sept. 15 and continuing through the end of 2020 payroll, or FICA, taxes will stop being deducted from your paycheck as a result of the payroll tax deferral executive action signed by President Donald Trump.
This will mean personnel will see a roughly 6.2-percent increase to their paychecks until the order expires at the beginning of 2021. Beginning in January the government will begin recouping this money through an automatic increase of the payroll tax that will end in April. To phrase it simply, until the end of the year paychecks w...