TSP Center

Options on how to offset the Payroll Tax Deferral?
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Author:  JJTorrico [ Tue Sep 01, 2020 9:24 pm ]
Post subject:  Options on how to offset the Payroll Tax Deferral?

With the payroll tax deferral going into effect for the next pay period (for those of us who are bi-weekly) I have been racking my brain on how to offset the negative aspects of this deal. I initially thought I would increase my TSP contributions in the amount the net gain from this, approximately 7.65 percent. However, I hate writing checks to the IRS in March or April, so I thought I might withhold more money on Federal to counteract what might be an enlarged tax bill. Now if my employer (USPS) decides to double the FICA withholding for the first four months of 2021, I am not sure what play I have left. I am open to any ideas on this.

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