Deferred Social Security Tax Payments Due Soon
As part of the COVID relief measures during 2020, employers and self-employed people could choose to delay paying the employer’s share of their eligible Social Security tax liability. This is normally 6.2 percent of wages. Half of that deferral is now due on January 3, 2022, and the other half on January 3, 2023.
Most affected employers and self-employed individuals received reminder billing notices from IRS. However, those affected are still required to make the payment on time, even if they did not receive a bill.
Under separate COVID relief, employers could choose to forgo withholding Social Security taxes from eligible employees, and instead withhold tax this year and then pay those amounts to IRS. Learn more about how to repay the deferred taxes here