Dentists can suspend Social Security withholdings from employee paychecks through 2020
Dental practices have the option to take part in the federal government's new payroll tax deferral plan that allows them to suspend Social Security withholdings from employee paychecks, the California Dental Association reported.
The plan, which runs Sept. 1 through Dec. 31, is designed to give workers temporary assistance amid pandemic-induced financial hardships. Salaried employees making less than $104,000 per year or whose wages are less than $4,000 per biweekly pay period are eligible for the suspension.
Dental practices that suspend collection of employees' Social Security withholdings must repay the deferred taxes to the IRS during the first four months of 2021. Practices should ensure employees are aware the deferred taxes will be collected then, making for smaller paychecks during those four months.
More articles on dental:
3 dentists making headlines
ADA fights for dentists' inclusion as essential workers during public health emergencies
ADA pushes for early COVID-19 vaccine access for dentists
© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.