NEW YORK (AP) — As employees of small businesses get their first September paychecks, they’re probably receiving their usual amount — company owners are still withholding money for Social Security despite a presidential order allowing the tax to be deferred.

The order President Donald Trump signed Aug. 8 allows employers to stop withholding the 6.2% payroll tax from Sept. 1 through Dec. 31. Employees must make under $4,000 every two weeks to qualify. Trump said the order was aimed at putting more money into Americans’ pockets during the coronavirus outbreak.

Small business owners are wary about the plan. The tax must still be paid between Jan. 1 and April 30 of next year, which means employees could take an unwanted financial hit or companies might ultimately have to pay the government if staffers leave.

Attorney John Strohmeyer is having the payroll for his Houston firm processed as per usual.

“It

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By JOYCE M. ROSENBERG, AP Business Writer

NEW YORK (AP) — As employees of small businesses get their first September paychecks, they’re probably receiving their usual amount — company owners are still withholding money for Social Security despite a presidential order allowing the tax to be deferred.

The order President Donald Trump signed Aug. 8 allows employers to stop withholding the 6.2% payroll tax from Sept. 1 through Dec. 31. Employees must make under $4,000 every two weeks to qualify. Trump said the order was aimed at putting more money into Americans’ pockets during the coronavirus outbreak.

Small business owners are wary about the plan. The tax must still be paid between Jan. 1 and April 30 of next year, which means employees could take an unwanted financial hit or companies might ultimately have to pay the government if staffers leave.

Attorney John Strohmeyer is having the payroll for his

Read More

NEW YORK (AP) — As employees of small businesses get their first September paychecks, they’re probably receiving their usual amount — company owners are still withholding money for Social Security despite a presidential order allowing the tax to be deferred.

The order President Donald Trump signed Aug. 8 allows employers to stop withholding the 6.2% payroll tax from Sept. 1 through Dec. 31. Employees must make under $4,000 every two weeks to qualify. Trump said the order was aimed at putting more money into Americans’ pockets during the coronavirus outbreak.

Small business owners are wary about the plan. The tax must still be paid between Jan. 1 and April 30 of next year, which means employees could take an unwanted financial hit or companies might ultimately have to pay the government if staffers leave.

Attorney John Strohmeyer is having the payroll for his Houston firm processed as per usual.

“It

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To qualify, you must make less than $4,000 bi-weekly.

CLEVELAND — Many Americans could see a boost coming in their paychecks through the end of the year. That’s due to a payroll tax deferral set to kick in Sept. 1.

The payroll deferral is one of four executive orders signed by President Donald Trump on Aug. 8 when talks of a second stimulus in Congress started to deteriorate.

What does it mean for you? Possibly, more money in your pocket.

The deferral delays the payment of the employee’s portion of the social security tax which amounts to 6.2% of a worker’s gross pay. With a deferral in play, that means more money in your pocket now.

How much money is that exactly?

If a person makes $30,000 per year, it’s about $71.54 per check for a total of $643.85 assuming nine more pay periods this year – double or triple

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West Deer’s leaders are considering new rules that could stop low-income residents and senior citizens from having to pay increased real estate taxes.

Township Supervisor Brandon Forbes is pitching an idea that would add any township real estate tax increase as a lien on a person’s property.

It would not affect the property tax increases imposed by Deer Lakes School District.

Forbes said people who apply for the program would continue to pay the same amount of property taxes they paid before any increase. For example, if a person paid $400 in taxes, but the tax was increased by $50 to $450, that property owner would continue to pay only $400.

The deferred taxes would be paid by the homeowner upon sale or transfer of the home — just like any

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Welcome to the “K-shaped” recovery.

The U.S. stock market has recovered most of its sharp losses since the COVID-19 pandemic hit the U.S. economy in February, housing prices are reaching new highs, and “jobs are fully back for the highest wage earners,” The Washington Post reports, citing an analysis of Labor Department data by Opportunity Insights. “But fewer than half the jobs lost this spring have returned for those making less than $20 an hour,” the federal supplemental unemployment checks keeping the jobless afloat have run out with no deal on the horizon, small businesses are shutting down nationwide, and lower-income renters are facing a wave of evictions.

“This has been a very clear K-shaped recovery,” economist Peter Atwater at the College of William & Mary tells the Post. “The biggest and wealthiest have been on a clear path toward recovery. Meanwhile, for most small businesses and those worst

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