From my understanding President Trump's Executive Order will defer the Payroll Tax for Income earners making less than $100K annually (or $4,000 bi-weekly)
Does that mean if someone earns more than $100K (or $4,000 bi-weekly) that they will not get the payroll tax deferment? Or will they get deferment up to the first $100K (annualized) and then pay payroll taxes on wages over that portion?
I.E. Someone earns $5,000 on a bi-weekly pay check and doesn't pay payroll tax on the first $4,000 of income but they do pay payroll tax on the last $1,000 of income
or
Someone earns $5,000 bi-weekly and they pay payroll tax on all $5,000 just as they normally would
I have read a couple of press releases and news articles but unfortunately no one really makes this clarification so any help interpreting the EO would be greatly appreciated.
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