Family and Consumer Sciences

Live Smart Ohio

Ohio State University Extension

What’s all the talk about deferred payroll taxes?

Not everyone would say this, but I love teaching high school students about money. The OSU Extension program “Real Money. Real World.” is a sneak peek at managing money as an adult. It is eye-opening for these students to see how quickly our expenses add up each month. Another impressionable day is dissecting paycheck withholdings. […]

WRITTEN BY: Emily Marrison, OSU Extension Family & Consumer Sciences Educator, Coshocton County

REVIEWED BY: Patrice Powers-Barker, OSU Extension Family & Consumer Sciences Educator, Lucas County and Barry Ward, OSU Income Tax Schools Director and Production Business Management Leader for OSU Extension

PHOTO CREDITS:

  • Pixabay.com

SOURCES:

  • Braun, B., Little, L., Russell, M. Helping You Make a “Good Guess” for Out-of-Pocket Health Costs. Fact Sheet – 1020, April 2015. University of Maryland Extension and University of Delaware Cooperative Extension. https://www.udel.edu/content/dam/udelImages/canr/pdfs/extension/nutrition-wellness/smart-choice/7-Helping-you-make-a-good-guess-for-out-of-pocket-expenses.pdf
  • Live Smart Ohio. Occasional Expenses – How do you manage? April 15, 2015. https://livesmartohio.osu.edu/money/stehulak-1osu-edu/occasional-expenses-how-do-you-manage/
  • The White House. Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster. August 8, 2020. https://www.whitehouse.gov/presidential-actions/memorandum-deferring-payroll-tax-obligations-light-ongoing-covid-19-disaster/
  • U.S. Department of the Treasury. Treasury and IRS Issue Guidance Deferring Certain Payroll Tax Obligations. August 28, 2020. https://home.treasury.gov/news/press-releases/sm1110
  • Ziv, S. These 70 Employers Opted Out Of Trump’s Payroll Tax Deferral, Did Yours? Forbes. September 9, 2020. https://www.forbes.com/sites/shaharziv/2020/09/09/employer-opt-out-trump-payroll-tax-deferral-opt-out-notice-2020-65-start/#7357580366f4

REFERENCES:

  • Occasional Expenses Worksheet from "Manage Your Money" Bulletin 972-1 https://extensionpubs.osu.edu/manage-your-money-pdf/

Occasional Expenses – How do you manage?

What gets in your way with planning for money? If you are like most people, there are two hurdles that make it hard to plan….emergencies and occasional expenses. We’ve all heard that we should set up a separate account with money for those emergencies in life that come as chance cards, but it is the […]

REVIEWED BY: Melinda Hill and Candace Heer, Extension Educators, Ohio State University Extension

PHOTO CREDITS:

  • pixabay

SOURCES:

  • University of Illinois Extension: More for your Money

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