Proposed stimulus package and payroll taxes

I'm trying to get an understanding if the one portion of proposal on the Hill gets approved and if it is something we can control on our own or would require BSI/Lawson updates. I haven't been able to get in touch with our payroll manager yet and I'm in IT and not that familiar with how these taxes are controlled. Any feedback?

My understanding is a decision will be made at some point today.

At the heart of Trump's plan is a suspension of taxes on employee wages that would last until the end of the year. Those are taxes used to finance Social Security, with employees and employers each paying 6.2% on their wages scaling up to $137,700. Then an additional 1.45% from the employee's gross pay is used to fund Medicare

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Infor Lawson Human Resources Group - Discussion

Comments

Legacy Contributor

When this has happened in the past (2008) Lawson and BSI took care of it with updates. Actually, I think only BSI needed to be updated but not 100% sure.

BrittanyG

Do you remember how fast the bulletin was produced after the bill was approved? I want to make sure I keep my payroll team updated and I may need to pause payroll to install the bulletin then require them to rerun their payroll jobs.

Legacy Contributor

Friday's package update, so nothing to do at the present momemnt..... A proposal from Trump to cut payroll taxes was not included, as both parties in Congress have panned it.

Legacy Contributor

Things were a little different back then... No BSI SAAS. If I remember correctly, the update was included in the regular Regulatory Bulletin release and like the other updates was effective dated so that everything catches up.

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