139th News

Coping with Financial Issues of COVID-19 - Part 39

  • Published
  • By Randy Gerard, Personal Financial Counselor

There won’t be a briefing on Thursday this week but wanted to send out an important reminder or two. I will still hold my Tuesday drop-in sessions. Please note the websites below to get useful information related to end of the year concerns. Have a very merry Christmas and be vigilant with any family or group gatherings.

  • 24 December – No Thursday briefing
  • 31 December – No Thursday briefing

Payroll Tax Deferral Repayment Warning
At the end of December, the 2020 Social Security tax deferral will end. Beginning January 2021, the normal 6.2% Social Security tax withholdings will again be deducted from pay for military members and civilians, and an additional deduction for the deferred 2020 Social Security tax collection taken from pay. Please access this link for more information.

No Surprises for 2020 Filing-Estimate Your Taxes
For employees, withholding is the amount of federal income tax withheld from your paycheck. The amount of income tax your employer withholds from your regular pay depends on two things:

  • The amount you earn.
  • The information you give your employer on Form W–4.

For help with your withholding, you may use the Tax Withholding Estimator. You can use the Tax Withholding Estimator to estimate your 2020 income tax. The Tax Withholding Estimator compares that estimate to your current tax withholding and can help you decide if you need to change your withholding with your employer.

COVID-19 Fraud and Scams Are Increasing
The U.S. Department of Health and Human Services Office of Inspector General is alerting the public about fraud schemes related to the novel coronavirus (COVID-19). Scammers are using telemarketing calls, text messages, social media platforms, and door-to-door visits to perpetrate COVID-19-related scams. Fraudsters are offering COVID-19 tests, HHS grants, and Medicare prescription cards in exchange for personal details, including Medicare information. However, these services are unapproved and illegitimate.

Don’t hesitate to reach out by phone, text, email or ask for a private Zoom session for you or your family members. Be Vigilant and STAY SAFE!

Randy Gerard, PFC
C (573) 415-6934
O (816) 236-3659

This week’s thought: “Money won’t create success, the freedom to make it will.” ~Nelson Mandela