Employee tax deferment form

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                                                              Employee Tax Deferment

• The recent executive order allows for employees to defer their portion of the 6.2% Old-Age, Survivors, and Disability Insurance Tax (OASDI).

• Eligible payments of taxable wages to an employee are less than: 

• $2,000.00 weekly
• $4,000.00 bi-weekly
• $4,333.33 semi-monthly
• $8,666.67 monthly
• $26,000.00 quarterly
• $104,000.00 annually. 

• The deferment of taxes is allowed to start September 1st, 2020 and will end December 31st, 2020. 

• This is a deferment of taxes, not forgiveness, and the employee will be expected to pay any amounts deferred between the months of January 1st, 2021 and April, 30th 2021. Interest, penalties, and additions to taxes will begin to accrue on unpaid taxes starting May 1st, 2021.

I, ________________________________ (full name, printed), hereby understand that I am opting-in to having my OASDI deferred. I understand that I, as an individual, will be responsible for paying the amounts to my employer that were deferred at my request in the form of a 12.4% OASDI tax payment until the deferred amount is paid. My employer, nor ProPay Professional Payroll Systems, will be responsible for any amounts due to the IRS as a result of my request.

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Signature or Employee                                           Date

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Company                                                                       Signature of Employer