Recent steep losses in the stock market have the White House and lawmakers discussing proposals aimed at easing economic concerns during the coronavirus (COVID-19) outbreak. President Trump floated the idea of a payroll tax cut and other relief to hourly wage earners. Currently, both employees and employers pay Social Security tax at a rate of 6.2% up to the current tax year’s wage base. However, the payroll tax cut proposal may not get much traction as some lawmakers cast doubt on the idea. Also in discussion is providing two weeks of paid sick leave for individuals affected by the coronavirus and possibly an extension of the April 15 tax filing deadline. Call or visit our website for more information!
