Senators from the Democratic party asked the Social Security Administration on Aug. 19 to analyze the implications of this permanent payroll tax holiday after Jan. 1, 2021, that the president suggested. The administration chief actuary Stephen C. Goss says in a letter on Aug. 24 if there is no replacement funding for that tax, then Social Security reserves would be depleted in the middle of 2023. 

How do you pay back the deferred payroll tax?  The IRS said in a memo dated Aug. 28 that employers who participate in the payroll tax holiday will then have to pay back the taxes starting in 2021. This will be done by deducting an additional payroll tax deduction on top of the standard deduction. To put it simply, more money will be taken out paychecks from Jan. 1 to April 30 in 2021 to repay the taxes owed. 

Trump’s executive memo on Aug. 8 involved deferring, for workers making less than $100,000 a year, the 6.2% Social Security tax taken out of paychecks. The deferment would last from Sept. 1 go to this website Dec. 31 and taxes would have to be paid back over the course of the first four months of 2021. House Republicans introduced a bill Friday to forgive the deferred taxes, according to a report from The Hill. Trump said in multiple campaign speeches that he would forgive the taxes if he gets reelected, and there are discussions at the White House of him signing another executive action that the administration says would make the deferment more effective, as reported by The Washington Post on Wednesday.

Adama Traore poised to start as a right wing-back in Wolves’… Wolves want Corona! Porto ‘reject £22m bid from Nuno… REVEALED: Porto paid Jorge Mendes £6.4m of the £35m transfer… Wolves sign second Porto player inside four days as Nuno…

It said: ‘Given the current state of upheaval in the industry and the uncertain outlook, it is difficult to justify a payment equal to around 92 per cent of maximum opportunity to the chief executive, regardless of performance.’ 

Celtic and Aberdeen’s Scottish Premiership fixtures this… Celtic sign Brighton defender Shane Duffy on a season-long… Leeds ‘dealt transfer blow ahead of Premier League return as… Aston Villa plan £30m transfer bid for Celtic striker…

Why do you have to pay back the payroll tax money you get? The payroll “holiday” is a pause as it’s written, not a forgiveness of tax contributions. The executive memo does say Treasury Secretary Steven Mnuchin can decide to forgive the deferment, and the president said in recent press briefings he might forgive the debt if he gets reelected. 

“For the most part, requirements are the same as they normally are when applying for a loan: a credit report and score that reflects a good payment history, and income that supports repayment,” House says. “But many places are also offering loans to people who have less-than-perfect credit.”

The ideal situation for employees is a bigger paycheck during the four-month holiday without having to repay the money in 2021. However, a more likely scenario is employers refusing to participate in the tax deferment. 

1:35

How much money could I get from a payroll tax cut?  Paychecks typically show the amount withheld for Social Security, which equals 6.2%. For example, an eligible worker making $938 every two weeks will take home a paycheck worth $1,000, or $62 more than usual. 

Though Congressional leaders remain at an impasse on the next economic relief package, the Republican-led Senate will return this week to vote on a “skinny” coronavirus relief bill that includes some parts of the Republican HEALS Act and the Democratic Heroes Act, including funding for the USPS and . However, the bill does not include a second stimulus check for eligible Americans, as the March CARES Act did. Another direct payment could still happen at a later date, as an independent bill, as part of another package or through an executive action.

Adama Traore poised to start as a right wing-back in Wolves’… Wolves want Corona! Porto ‘reject £22m bid from Nuno… REVEALED: Porto paid Jorge Mendes £6.4m of the £35m transfer… Wolves sign second Porto player inside four days as Nuno…

O’Leary’s cash bonus was around 92 per cent of the maximum he could have received and took his total remuneration for the year to March to €3.5million – including €2.5million under a long-term incentive plan. 

United centre-back Ryan Edwards did remain an impediment to progress, but what could only be described as a blinding combination of shimmies and step-overs threw the former Plymouth and Blackpool defender off-balance and opened up a shot at goal.

Who is eligible for the payroll tax holiday? The only requirement specified in the executive memo is that you earn no more than $4,000 every two weeks under the latest IRS guidelines. People who earn more than that will not be able to participate in the payroll tax holiday. It’s unclear how Trump’s payroll tax deferment would affect self-employed workers and contractors who typically pay their Social Security taxes with their income taxes.