ASSOCIATIONINSIGHT
Portable Sanitation Association International News
BIWEEKLY EDITION SEPTEMBER 2, 2020
Page 20
The CARES Act provision and related
guidance did not apply to employees'
share of the Social Security tax, which was
the focus of the president's directive and
the new IRS guidance.
Social Security and Medicare payroll
taxes are collected together as the
Federal Insurance Contributions Act
(FICA) tax. Social Security is financed
by a 12.4 percent payroll tax on wages
up to employees' taxable earnings
cap—$137,700 for 2020—with half (6.2
percent) paid by workers and the other
half paid by employers. There is no
earnings cap on the Medicare portion of FICA, for which employers and employees separately pay a 1.45 percent
wage tax.
The COVID-19-related payroll tax relief applies only to the Social Security portion of FICA.
For more information, contact your payroll provider, tax advisor, or the IRS. v
COMPETITIVE INSURANCE
PROGRAM FOR PORTABLE
SANITATION COMPANIES.
Contact Wes Osswald for a competitive quote today @ 707.781.7384 or wosswald@tangramins.com.
Our industry specific coverage is not available anywhere else in the marketplace.
With replacement cost cover and 0% coinsurance, why take the risk with another insurance company?
Related equipment rental and operations may include:
Temporary Fencing / Pedestrian Barriers / Construction Signs
Septic Cleaning
(up to 50% of operations) / Roll-Off Containers / Solid Waste Transfer Stations
CAUTION: The Payroll Tax "Holiday" Isn't All It Seems…Continued from page 9
