On August 8, 2020, a Presidential Memorandum was issued allowing U.S. employers the option to defer withholding and payment of an employee’s portion of the Social Security tax for employee’s with wages below $104,000 per year. This tax deferral option is effective for the period September 1, 2020 through December 31, 2020, but would have to be withheld from employees’ wages and paid by May 1, 2021 to avoid penalties and interest. We believe that deferring taxes now to be collected early next year does not provide a meaningful benefit to our employees. Therefore, the University has decided not to participate in this program.
Sept. 8, 2020