The CARES Act allowed all employers to defer the deposit/payment of the employer’s share of social security taxes and certain railroad retirement taxes.
This deferral applied to deposits/payments of the employer’s share of social security tax that would have otherwise been due on or after March 27, 2020 but before January 1, 2021, as well as, deposits and payments due after January 1, 2021, that were required for wages paid on or after March 27, 2020, but before January 1, 2021.
The maximum amount that could have been deferred each quarter was the smaller of:
The employer’s share of social security tax, or
The total taxes after adjustments (Form 941, line 10) less any amount of QSB Research Credit (Form 941, line 11a) less total deposits made for the quarter (Form 941, line 13a).
