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Social Security Deferral effective Sept 1

  • 1.  Social Security Deferral effective Sept 1

    TOP CONTRIBUTOR
    Posted Aug 13, 2020 09:11 AM
    Has there been any discussion/guidance within the GP community or from Microsoft on the newly released Social Security Tax Deferral that will go into effect September 1? I know that this just came to light over the past weekend, but we are getting questions from clients on how this will be handled in GP. @Terry Heley do you have any insight?​

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    Barbara Gavron
    Atlantic Beach / Jacksonville FL
    904-536-0129
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    Academy - Online Interactive Learning from Experts


  • 2.  RE: Social Security Deferral effective Sept 1

    GPUG ALL STAR
    Posted Aug 13, 2020 09:22 AM
    Thanks Barbara, this is a very good question!
    At this point as a software company, we need to wait and see if there is any clarification of this change.  As of right now, there is no new tax tables published or notification from IRS.  Once I know something, we will publish a blog around this with more advice.
    We know today if we unmark the boxes at a pay code level, no taxes will be taken out, but it would be employee and employer and it would cause issues with your TSA deductions on those taxes, since your pay code is not taxed, you cannot then shelter a deduction on it.

    As with anything, we must wait for guidance from the IRS and what the IRS will publish. As of right now the IRS has not published any information on this topic.

    Please continue to watch our blog site as soon as we release something or know more a blog will be written and our tax pages updated https://community.dynamics.com/gp/b/dynamicsgp

    And the tax update pages:

    https://mbs.microsoft.com/customersource/northamerica/GP/downloads/tax-regulatory-updates/TUGP2018.


    Stay tuned!

    Thanks
    Terry Heley
    Microsoft

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    Terry Heley
    HR/PR expert
    Microsoft
    West Fargo ND
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    Academy - Online Interactive Learning from Experts


  • 3.  RE: Social Security Deferral effective Sept 1

    TOP CONTRIBUTOR
    Posted 18 days ago
    The method we have set up is in another thread:
    https://www.gpug.com/communities/community-home/digestviewer/viewthread?GroupId=247&MessageKey=83d4f525-503d-4901-816d-44a1d6025cbc&CommunityKey=4754a624-39c5-4458-8105-02b65a7e929e&tab=digestviewer&ReturnUrl=%2fcommunities%2fcommunity-home%2fdigestviewer%3fcommunitykey%3d4754a624-39c5-4458-8105-02b65a7e929e%26tab%3ddigestviewer

    Here is the result:


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    Thaddeus Suter
    Retus, Inc
    HELOTES TX
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    Academy - Online Interactive Learning from Experts


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