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The IRS clarified on Friday that companies will be obligated not to take Social Security taxes from paychecks starting next week running through the end of the year.Nearly all Americans are taxed 6.2% per check to go toward Social Security. For now, barring any action from Congress, most Americans will see larger paychecks through the end of the year. The guidance is based on an executive order signed earlier this month by President Trump in hopes of stimulating the economy.Related: What a payroll tax deferral may mean for your paycheck and taxesThe Social Security tax deferment is applicable to workers who make up to ,000 on a bi-weekly basis. Those making more than ,000 every two weeks will continue to have their Social Security taxes withheld from checks.The deferment is not an actual tax cut, and because the deferment was done via executive order rather than an act of Congress, the taxes will need paid back by April 30, 2021.The White House has said they would like to see the elimination of the Social Security payroll tax be made permanent in an effort to lower the tax burden. Opponents say that eliminating the tax on Americans would make Social Security insolvent.Stephen Goss, the chief actuary for the Social Security Administration, told the US Senate this week that a hypothetical bill that would make the tax deferment permanent would cause Social Security to no longer be able to make payments to beneficiaries by the middle of 2023.For employees making ,000 a year, the elimination of Social Security taxes would result in an extra per paycheck every two weeks. Assuming the employee has eight paychecks left in 2020, that would result in 2 in taxes deferred in 2020, which would be repaid in 2021. For employees making ,000 per year, those figures would be doubled. 1821

The Pac-12 Conference announced Friday that member athletic teams in several sports — including football — would play a limited schedule against only conference opponents.The conference also announced that it was delaying the start of mandatory athletic activities "until a series of health and safety indicators...provided sufficient positive data to enable a move to a second phase of return-to-play activities."The conference did not say in its statement what those "indicators" were.Men's and women's soccer and women's volleyball teams will also be limited to a conference-only schedule this fall.The Pac-12 added that it would honor scholarships for players who choose to sit out the season for fear of contracting the virus.The conference's decision eliminates a number of high-profile non-conference matchups that would have netted members' schools a significant paycheck from broadcasters. It could also negatively impact any Pac-12 football team's chance of playing in a postseason bowl game.The decision comes a day after the Big Ten made a similar announcement. The Ivy League announced earlier this week that its athletic teams would not compete in the fall. 1179

The NFL is planning on playing “Lift Every Voice and Sing” before all Week 1 football games this fall, a source familiar with the league’s discussions confirmed with EW Scripps on Thursday.USA Today and ESPN first reported that the NFL is in the process of finalizing plans to play the song considered a “Black Anthem.” The source said the song would be performed before the Star Spangled Banner before Week 1 games in September.The source said the league is working collaboratively with players to recognize victims of systemic racism throughout the season through a variety of in-game and programs. Among the items being discussed with players are: on-uniform elements, which could include the names of victims police brutality on helmet decals or jerseys patches and educational programs. The league is also considering public service announcements. The NFL is said to be in discussions with the NFLPA to finalize the plans. Earlier this week, NASCAR played “Lift Every Voice and Sing” before the Pocono 350. The song has also been performed at other various sporting events, including a Georgetown men's basketball game.The lyrics to the song were written as a poem in 1900 and set to music five years later. Last month, amid a nationwide protests in response to the death of George Floyd, NFL Commissioner Roger Goodell, who faced blame for not standing behind players who participated in protests, conceded he was wrong about players kneeling during the national anthem in response to police brutality.Goodell stated his support for Black Lives Matter in a video released on social media."We the National Football League, condemn racism and the systematic oppression of black people," Goodell said. "We, the National Football League, admit we were wrong for not listening to NFL players earlier and encourage all to speak out and peacefully protest," Goodell said. 1879

The number of Americans applying for unemployment benefits fell last week to a still-high 712,000, the latest sign that the U.S. economy and job market remain under stress from the intensified viral outbreak. Thursday’s report from the Labor Department said that initial claims for jobless aid dropped from 787,000 the week before. Before the virus paralyzed the economy in March, the number of people applying for unemployment benefits each week had typically amounted to roughly 225,000. The chronically high pace of applications shows that nearly nine months after the pandemic struck, many employers are still slashing jobs. 636

The jury in the trial of former Donald Trump campaign chairman Paul Manafort did not reach a verdict after its first full day of deliberations.Just before 5 p.m. ET, jurors sent a note to Judge T.S. Ellis with four questions, including one asking him if he could "redefine" for them the meaning of "reasonable doubt," the legal threshold for acquitting a defendant. Ellis responded that the prosecutors had to prove their case not "beyond possible doubt," but beyond "doubt based on reason."Jurors also asked questions related to Manafort's tax filing and foreign bank account disclosure charges, including when a person is required to file a foreign banking disclosure, and the definition of "shelf" companies. Ellis instructed them to rely on their "collective recollection" and gave no additional explanation.Jurors began deliberations Thursday morning. Manafort is facing 18 counts of tax evasion, bank fraud and hiding foreign bank accounts brought by special counsel Robert Mueller as part of the investigation into Russian interference in the 2016 election.The jury will return at 9:30 a.m. ET Friday.For the first time, the jurors are seeing pictures of the ,000 ostrich jacket, ,000 python jacket, and other high-end clothes Manafort purchased using foreign wire transfers. They are also debating the testimony of Rick Gates, Manafort's former deputy who admitted to embezzling hundreds of thousands of dollars. And they can pore over reams of emails, tax forms and financial documents that prosecutors say are the "star witness" in their case.The courtroom drama will be nothing compared to the political earthquake the verdict will bring, regardless of which way it comes down.The President has repeatedly called Mueller's investigation a "witch hunt" that hasn't found evidence of Russian collusion with his campaign, and Trump's allies in and out of the White House say the special counsel should wrap things up."If he doesn't get it done in the next two or three weeks we will just unload on him like a ton of bricks," Trump lawyer Rudy Giuliani told Bloomberg News."Looking back on history, who was treated worse, Alfonse Capone, legendary mob boss, killer and "Public Enemy Number One," or Paul Manafort, political operative & Reagan/Dole darling, now serving solitary confinement - although convicted of nothing? Where is the Russian Collusion?" Trump tweeted earlier this month about Manafort.An acquittal would only add to criticism that Mueller's investigation hasn't been worth the time and expense.A conviction, meanwhile, would allow Democrats and Mueller's supporters to say ending the investigation would be premature given the special counsel's results, having previously collected several guilty pleas.It could also boost Mueller's position as he negotiates with Trump's lawyers over a potential interview. 2876