Annual report pursuant to Section 13 and 15(d)

Deferral of Social Security Tax Payments

v3.21.1
Deferral of Social Security Tax Payments
12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Deferral of Social Security Tax Payments

NOTE 7 – 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 ended on December 31, 2020. At December 31, 2020 the total amount of such deferral was $75,455. 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.