{"id":55276,"date":"2022-12-14T12:00:00","date_gmt":"2022-12-14T20:00:00","guid":{"rendered":"https:\/\/lapost.us\/?p=55276"},"modified":"2022-12-14T12:00:00","modified_gmt":"2022-12-14T20:00:00","slug":"irs-reminder-for-many-employers-and-self-employed-people-deferred-social-security-tax-payment-due-dec-31","status":"publish","type":"post","link":"https:\/\/lapost.us\/?p=55276","title":{"rendered":"IRS reminder: For many employers and self-employed people, deferred Social Security tax payment due Dec. 31"},"content":{"rendered":"<p>IR-2022-220, <strong>Dec. 14, 2022,\u00a0WASHINGTON<\/strong> \u2014 The Internal Revenue Service today reminded employers and self-employed individuals that chose to defer paying part of their 2020 Social Security tax liability that their second annual installment of the deferred amount is due on Dec. 31, 2022.<\/p>\n<p>&nbsp;<\/p>\n<p>As part of the COVID relief provided during 2020, employers could choose to put off paying the employer\u2019s share of their Social Security tax liability, which is 6.2% of wages. Self-employed individuals could also choose to defer a similar amount of their self-employment tax. Generally, half of that deferral was due on Dec. 31, 2021. The other half is due on Dec. 31, 2022.<\/p>\n<p>&nbsp;<\/p>\n<p>Earlier this fall, the IRS sent reminder notices to affected employers and self-employed individuals. The agency noted, however, that those affected are still required to make the payment on time, even if they did not receive a notice.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>How to repay the deferred taxes<\/strong><\/p>\n<p>Employers and individuals have several options for making this payment. Deferral payments can made through the\u00a0<a href=\"https:\/\/www.irs.gov\/payments\">Electronic Federal Tax Payment System (EFTPS), Direct Pay, by debit card, credit card or digital wallet, or with a check or money order<\/a>. No matter which payment option is chosen, it must be made separately from other tax payments and deposits. This will ensure that it is credited properly and will help avoid follow-up bills or notices.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>EFTPS<\/strong><\/p>\n<p>Employers and individuals can make the deferral payments through enrollment in the <a href=\"https:\/\/www.irs.gov\/payments\">Electronic Federal Tax Payment System<\/a>, a free service available from the Treasury Department. On the Tax Type Selection screen, choose <strong>Deferred Social Security Tax<\/strong> and then change the date to the applicable tax period (the calendar quarter in 2020 for which tax was deferred). Visit <a href=\"https:\/\/www.eftps.gov\/eftps\/\">EFTPS.gov<\/a>, or call 800-555-4477 or 800-733-4829 for details.<\/p>\n<p><strong>Direct Pay<\/strong><\/p>\n<p>Alternatively, self-employed individual taxpayers can choose Direct Pay to pay directly from a checking or savings account. This service is available free only on <a href=\"https:\/\/www.irs.gov\/payments\/direct-pay\">IRS.gov\/payments\/direct-pay<\/a>. Select the &#8220;Balance Due\u201d reason for payment and apply the payment to the 2020 tax year where the payment was deferred. Direct Pay is not available to pay employment taxes.<\/p>\n<p><strong>Debit card, credit card or digital wallet<\/strong><\/p>\n<p>If paying with a credit card, debit card or digital wallet, select &#8220;installment agreement.&#8221; Apply the payment to the 2020 tax year where the payment was deferred. Note that the IRS does not charge a fee for this service, but the authorized third-party payment processors do. Visit <a href=\"https:\/\/www.irs.gov\/payments\">IRS.gov\/Payments<\/a> for details.<\/p>\n<p><strong>Check or money order<\/strong><\/p>\n<p>Make any check or money order payable to United States Treasury, not IRS. For more information on where to mail payments see <a href=\"https:\/\/www.irs.gov\/instructions\/i941#en_US_202206_publink100065907\">Instructions for Form 941<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IR-2022-220, Dec. 14, 2022,\u00a0WASHINGTON \u2014 The&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-55276","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/55276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=55276"}],"version-history":[{"count":1,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/55276\/revisions"}],"predecessor-version":[{"id":55277,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/55276\/revisions\/55277"}],"wp:attachment":[{"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=55276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=55276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=55276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}