The University of Portland will not be implementing the payroll tax deferment program announced three weeks ago by Presidential Memorandum, according to Eric Barger, interim VP of financial affairs. According to Barger, “The executive action gave employers the option to postpone for the remainder of the year the collection of payroll taxes such as an employee’s portion of Social Security taxes for individuals making up to $104,000 a year. However, individuals would be responsible for withholding and paying back these taxes before May 1, 2021, or be subject to interest and penalties.
“University of Portland will continue to collect payroll taxes on behalf of all employees in order to avoid potential confusion, undue hardships, or other complications that might otherwise emerge during the filing of taxes for 2020 by employees next year.”
For more information contact Barger at email@example.com.