On August 8, 2020, the President signed an Executive Order directing the Secretary of the Treasury to use his authority to defer withholding, deposit, and payment of the Federal Insurance Contribution Act (FICA) taxes owed by employees for wages paid between September 1 and December 31, 2020, subject to the following conditions:

1. The deferral is only permitted for employees with bi-weekly pre-tax compensation less than $4,000 (or the equivalent amount with respect to other regular pay periods); and

2. Amounts deferred shall be deferred without any penalties, interest, additional amount or addition to the tax.

If you meet the qualifications above, you can expect an increase in your paycheck because your FICA taxes are being deferred September 1 through December 31, 2020.

If you have any question or concerns, contact your tax professional as Payroll is not able to provide tax advice.  

Source: Executive Order August 8, 2020.