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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 Phoenix Police Department says the ex-boyfriend of Kiera Bergman, a 19-year-old woman who has been missing since August 4, has been arrested for identity theft.Police say 23-year-old Jon Clark was being questioned in relation to Bergman’s disappearance when police found several items with the personal identification of other people as well as items indicating forgery in his vehicle.Clark was arrested Friday and booked into jail for 22 counts of aggravated identity theft and two counts of forgery.Police have given no indication that this arrest connects Clark to Bergman’s missing person’s case.Bergman was last seen at her home near on Aug. 4.According to police, Bergman never returned home after leaving and has not been seen or heard from since.Kiersten Bragg, Bergman's mother, says her daughter went to work that Saturday morning, and Clark picked her up but she never made it back to their apartment.Police still say her disappearance is considered suspicious, and they are still asking anyone with any information on her disappearance to call 480-WITNESS. 1085

The mayor of a California town says police are investigating after video widely shared on social media shows a woman making racist remarks about a Filipino American woman who was exercising in a local park.Patrick Furey, the mayor of Torrence, California, says the city is aware of the viral video."All visitors to our open spaces should always feel safe and free to exercise while practicing social distancing without conflict," he said, according to The Los Angeles Times. "Conduct like that displayed on the video cannot be tolerated."KABC-TV in Los Angeles adds that Furey said an investigation has been opened by police.The video was originally posted by Rachel Tennell on Twitter (@rmtennell). Tennell says the video shows her friend, who she later identified as "Sherry," being accosted by a white woman as she exercised in Torrence's Wilson Park."The next time you talk to me like that, you're going to get your a** kicked by my family. They're going to f*** you up," the woman yells as Sherry stretches."Go back to whatever f***ing Asian country you belong in," the woman later said.Tennell said that Sherry no longer feels safe working out in the park because of the incident.Later on, in her Twitter thread, Tennell shared a statement by Sherry."I never imagined my story would reach so many people, and I am happy to shed some light on the work that needs to be done in this country. As a Filipino American, I believe all people of color should be treated with humanity, dignity and respect," she wrote. "I stand in solidarity with all oppressed people who face discrimination and violence just because of their ethnicity, nationality, gender, gender-nonconformity and sexual orientation."Watch the viral video below.Warning: The video includes explicit and racist language. 1794

The President's eldest son Donald Trump Jr. downplayed Monday a 2016 meeting between top campaign aides to his father and a Russian lawyer, saying the highly scrutinized engagement "ended up being about essentially nothing that was relevant" to questions of collusion.The remarks, which came during a friendly interview on The Laura Ingraham Show, came after President Donald Trump wrote on Twitter the June 2016 meeting was intended to get damaging information on his Democratic opponent Hillary Clinton — contradicting a statement he dictated when the meeting came to light a year ago.In the interview Monday, Trump Jr. said the session lasted 20 minutes, and maintained the central focus was on adoptions — even as he conceded the Clinton dirt was how the Russian lawyers secured the meeting in the first place. 822

The Nasdaq closed in correction on Wednesday, with tech stocks sinking following disappointing results from Texas Instruments and AT&T.The index finished down about 4%. The Dow was down slopped about 600 points Wednesday afternoon.Microsoft (MSFT) will report its results after the closing bell Wednesday and analysts are estimating that the company will report an increase of nearly 15% for both sales and earnings per share, thanks largely to strength in its cloud business.Netflix already kicked off tech earnings season last week when it reported a healthy jump in subscribers. But the party was short-lived for it and fellow FANG stocks Facebook, Amazon and Google.Netflix (NFLX) rose more than 5% the day after its earnings report but has fallen 9% since then."You can't just say tech is going to do great or even that FANG is going to do great. You have to be more selective," said Daniel Morgan, senior portfolio manager with Synovus Trust Company.  974