Quarterly report pursuant to Section 13 or 15(d)

Deferral of Social Security Tax Payments

v3.20.2
Deferral of Social Security Tax Payments
9 Months Ended
Sep. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Deferral of Social Security Tax Payments

NOTE 5 – Deferral of Social Security Tax Payments

 

Pursuant to sections 2302(a)(1) and (a)(2) of the CARES Act, the Company has elected to defer payments of its share of Social Security tax due during the "payroll tax deferral period". The payroll tax deferral period began on March 27, 2020 and ends December 31, 2020. At September 30, 2020 the total amount of such deferral was $53,545. Per the terms of the deferral program, 50% of the deferred amount is due on December 31, 2021, and the remaining 50% is due on December 31, 2022 at 0% interest.