10
Nov
In March of 2020, Congress passed the CARES Act which, among other things, allowed employers to defer the payment of their share of Federal Insurance Contributions Act (FICA) taxes for their employees for periods March 27, 2020, through December 31, 2020. The employer FICA tax is a 6.2% payroll tax on the first $137,700 of an employee’s wages paid during the calendar year.
Employers who elected to defer paying their FICA taxes are required to pay half of the deferred...