In early August, President Trump signed an executive order that would give millions of workers a small pay increase through the end of the year. The increase would be approximately $62 for the average worker earning a little more than $1,000 a week. Each worker could end up getting more than one week’s worth of pay by New Year’s Eve.
The paycheck increase is made possible by temporarily deferring an employee’s Social Security taxes. If Congress doesn’t permanently defer these payroll taxes, however, then each worker would have to pay the money back. The deferral began on September 1, but the Treasury Department’s guidance does not mandate participation.
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