Payroll tax cut truth time: You might not get a ‘holiday’

The game was originally scheduled for Friday night, but it was moved to the national CBS broadcast window Saturday after the game between the Portland Thorns and OL Reign was postponed because of poor air quality caused by the wildfires in Oregon.

‘You’re always looking to see if there’s somebody that can bring something extra and help the guys already here, so we’ll keep working in that regard but the most important thing is to help the guys we’ve got take the next step.’

What is the payroll tax and how is it used?  A payroll tax is a tax on both an employer and employee that contributes to federal programs such as Medicare or Social Security. In the case of Trump’s executive action, it’s referring to the Social Security tax that is taken from an employee’s paycheck and also paid by the employer. 

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Tax implications: Even though you’re avoiding the 10% early distribution penalty, you will still be subjected to income taxes on that money. Remember: money deposited into a traditional IRA is taxed when it’s withdrawn — not when it’s contributed. So, however much money you withdraw will be added to your annual income, and you’ll be taxed on that accordingly. That could put you in a different tax bracket and dramatically change how much you owe in taxes. 

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If you’ve fallen behind (or you think you’re going to fall behind) on your car payment for 90 days or longer, you may very well be at risk of having your car repossessed. Your lender may be more lenient if you’ve never missed a payment before, but the more often you’ve been late in the past, the sooner they might attempt repossession. 

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. 

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Money to cover urgent needs: If you need to make a mortgage payment, keep the lights on or pay other bills, you may need to take money out of your retirement plan. , a lien on your home or foreclosure, tapping your 401(k) could make sense. 

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That said, you can probably handle this on your own. Just be honest and forthcoming about your situation and realistic about how much time you’ll need to get back on your feet. Generally speaking, banks would rather work with you and retain you as a customer than leave you stranded without a vehicle.

The National Consumer Law Center, a legal services and consumer advocacy nonprofit, has an updated list of the various coronavirus-related protections against repossession passed by various states here.

Even though there were some exemptions to the rule — like withdrawals for tuition and other educational expenses or buying a home — Americans were forking out more than $5 billion a year in early withdrawal fees, according to the IRS. To avoid getting hit with the penalty, it’s generally a good idea to leave your retirement account alone until after you’ve stopped working full-time.

Here are more resources on the executive actions on student loans, halting evictions and unemployment benefits. We also have info on the status of the second round of stimulus checks, what the next aid package looks like and how negotiations are going between the Democrats and Republicans. 

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A deferment or forbearance allows you to skip between one and three payments with no late fees or penalties. After the deferment period ends, either your monthly payment will either go up slightly or your loan will be extended by about the same amount of time as the deferment.  

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