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Companies can stop collecting employees’ payroll taxes starting Tuesday, September 1, after an executive order in early August gave workers a tax holiday.The deferral of payroll taxes applies to employees making less than 4,000 a year. Employees are taxed 6.2 percent that goes toward the Social Security Trust Fund and another 1.45 percent for Medicare.It’s a deferral because the payroll taxes are still due to the IRS by April 30, 2021, which they made clear in new guidance released last week with the US Treasury Department.What this means to employees: It depends on your employer. Starting September 1, employers can stop withholding taxes, but many business leaders have said they will not since the taxes will eventually be due. The decision is up to each company and is not required.If a company stops withholding payroll taxes, employees will have more money in their paychecks through the end of the year. Then on January 1, companies will need to withhold more from paychecks to collect all that is owed in April 2021.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.If an employee leaves their job before all of the appropriate taxes are collected, the guidance only states that companies can "make arrangements to otherwise collect the total applicable taxes from the employee."President Trump has stated he would “terminate” the tax if he was elected in November. However, the president does not have the ability to do that on his own. Abolishing payroll taxes requires an act of Congress. 1814

City commissioners in Portland, Oregon, voted to cut nearly million from the Portland Police Bureau's budget in response to concerns about police brutality and racial injustice. The cuts approved Wednesday are part of a city budget passed by the commissioners with a 3-1 vote. The police budget had stood at about 0 million before the commission action. The money saved by eliminating the gun reduction violence team, school resource officers and transit officers will be redirected to social service programs.Portland is the latest city to cut police funding. Thousands of protesters have filled the streets nightly for three weeks following the police killing of George Floyd in Minneapolis.Two weeks ago, Minneapolis City Council voted to begin the process of dismantling its police department. The call to dismantle and defund police departments is among the reforms many activists as part of the Black Lives Matter movement have requested since Floyd's death. 980

CLEVELAND — A popular beer joint in Cleveland is closing its doors to keep its employees safe because some customers refuse to follow rules on mask-wearing and social distancing.Forest City Brewery made the announcement on Facebook Tuesday morning."It pains us to inform you that we will be closed to the public as of 7/22/20. We did our very best to do the right thing and protect the health of our employees, our customers and our neighborhood for the past 2 months," the establishment said on Facebook.According to the brewery, employees, "had a hard time dealing with people who refuse to wear masks, social distance, or follow the rules set forth by the city of Cleveland and the State of Ohio."The brewery stated that even though its doors are closing, it will continue to serve the community by selling cans and growlers in the future."Until then, stay safe Cleveland, we will miss you and see you when it is safe again, and people start acting in a responsible manner," the brewery stated.This article was written by Drew Scofield for WEWS. 1056

C-SPAN has suspended its political editor Steve Scully indefinitely after he admitted to lying about having his Twitter account hacked. A week ago, when Scully was questioned about a message he had sent to former Trump aide Anthony Scaramucci seeking advice, Scully claimed that someone had gotten into his account and sent it. But he admitted this week to his bosses that he had lied, feeling the pressure of attacks from President Donald Trump. Scully was supposed to moderate the second debate between Trump and Democrat Joe Biden, which had been scheduled for Thursday but was canceled. C-SPAN said it hoped to bring Scully back after some distance from the episode.President Trump seized on Thursday's news. 721

COVID-19 will continue to impact the housing market heading into 2021.If you're looking to buy, experts say the first few months of the year are the time to do it.A housing forecast out Wednesday from Realtor.com finds mortgage rates will stay low, but only for the first half of the year.“We expect mortgage rates to increase near 3.4% by the end of the year, which would in any other year be record lows, but following on the heels of 2020, 3.4% is up a bit, but still historically low broadly speaking,” said Danielle Hale, Chief Economist at Realtor.com.Home prices have gone up by double digit percentages over the last couple of months. Some of that is expected to slow down as mortgage rates go up.Realtor.com is forecasting just below a 6% increase in home prices for all of 2021, but affordability is going to be a growing concern.“The housing market has been historically challenging for first-time homebuyers, with prices rising as dramatically as they have in the second part of 2020, first-time homebuyers are seeing a bigger gap between what they need to bring to the market for a down payment and what existing homeowners have in the way of home equity to use to trade up,” said Hale.If you already own a home, you may be thinking about selling when you see what it's worth now.Sellers are expected to continue to have the upper hand throughout 2021, with more buyers than homes for sale.You may see more competition with home construction ramping up, leading to more options available.“For existing homeowners, in particular who want to stay up in their home, the fact that we have still low mortgage rates in 2021 creates opportunities for them to consider remodeling to make their home a more suitable place for them to age in place,” said Hale.Another trend that's expected to continue in 2021 is interest in the suburbs. People have been moving out of cities as they're working remotely. Hale says the rising home prices and higher interest rates in 2021 could drive this trend as well. 2014