On August 8, 2020, President Trump issued an executive order requesting that employers stop withholding the 6.2 percent Social Security tax from certain employees’ paychecks for the remainder of 2020. The order applies to those employees who make less than $4,000 per pay period and less than $104,000 per year. Withholding of the federal income tax and the Medicare tax are not affected by the new order. On August 28, 2020, the Internal Revenue Service issued guidance (Notice 2020-65) concerning the order.
Read the full advisory here.