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WHAT TRUMP’S PAYROLL TAX CUT WILL MEAN FOR YOU
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IS IT REALLY A CUT?
Since negotiations for another stimulus bill are going nowhere, President Trump issued a series of executive orders to help financially distressed Americans. One of the executive orders (actually an executive “memorandum”) suspends the collection of Social Security payroll taxes from
September 1 until the end of the year for workers making less than $4,000 for any bi-weekly pay period (that’s $2,000 per week, or $104,000 per year). There are plenty of lawmakers on both sides of the aisle who don’t favor a payroll tax cut (or deferral). It’s not enough and doesn’t benefit people who need help the most, they say. ADP, the largest payroll processor and many employers have also said they won’t comply with the order. Nevertheless, the president has wanted a payroll tax cut for months – and now he finally has one (sort of). As a result, if you make less than $104,000 per year, your paychecks could be a little bigger for the rest of 2020 (assuming you’re fortunate enough to have a job). But think twice before spending the extra money, because here is the kicker: YOU WILL HAVE TO REPAY THE TAXES WHEN YOU FILE YOUR TAX RETURN NEXT YEAR!!!!!!!! Under the president’s executive order, your share of Social Security taxes (6.2%) won’t be taken out of your paycheck if your pre-tax biweekly salary is $4,000 or less. So, for example, someone making $10 per hour and working 40 hours per week will get about $25 more per week, or around $100 per month. From September through December, that will add up to about $446. A full-time worker making $15 per hour would get approximately $37 more per week, $149 more
Ryan Dodson has a Masters in Accounting from North Carolina State University. He worked in public accounting with Deloitte and Arthur Andersen. He and his wife Tiffany own and operate Liberty Tax Service.
405 East Dixie Drive•Asheboro, NC 27203 (336) 629-4700
per month, and $670 by the end of the year. For someone making $25 per hour, the savings will be about $62 per week, $248 per month, and $1,116 through December.
Who Would Not Get a Tax Break
Obviously, you have to get a paycheck to benefit from a payroll tax cut. So, if you’re unemployed, retired, a stay-at-home parent, or don’t have a job for some other reason, then the payroll tax holiday won’t help you.
Potential Problems with the Executive Order
The executive order only defers Social Security payroll taxes – it doesn’t eliminate them. The tax will have to be withheld and paid ratably from paychecks issued between January 1, 2021, and April 30, 2021. It would take Congressional action to actually wipe out the tax debt. Thus we recommend that you do not participate in the payroll tax holiday unless you are prepared for a reduced/no refund this upcoming tax season. If you have additional questions, please feel free to give us a call at 336-629-4700 or visit us at 405 E. Dixie Drive, Suite J in Asheboro.
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COMMUNITY News
LARRY D. REID MINORITY SCHOLARSHIP ESTABLISHED AT RANDOLPH COMMUNITY COLLEGE
Community leaders have established an endowed scholarship for minority students in honor of Randolph Community College Trustee Larry Reid, who is also the Station Manager and Morning Show host of The NEW 94.9 FM/1260-AM WKXR Radio, in an effort to encourage minority students during this difficult time.
“I am at a loss for words,” Reid said. “Never in a million years would I have thought something like this could/ would happen to me. Education, family, friends, and community are all immeasurable to me.” Contributions can be made to the scholarship by sending a check to: RCC Foundation, 629 Industrial Park
Ave.; Asheboro, NC 27205. Be sure to put “Larry D. Reid
Minority Scholarship” in the memo line on the check.
Secure online donations can be made at www. randolphccfoundation.org/donations/donate.html. Under the designation section, just click on “other” and type “Larry
D. Reid Minority Scholarship” in the box.
RCC HEALTH & WELLNESS COACH PROGRAM APPROVED BY NATIONAL BOARD
When most people hear the word “coach,” they class, she said her interest was piqued. She was hooked picture a guy standing on the sidelines at a after two classes. football game calling out plays. Students who “Never in a million years would I have thought that it have completed Randolph Community College’s Health would have been a lifestyle change for me, but it really & Wellness Coach program know that their version of has impacted me,” Knott said. coaching is quite the opposite — health coaches do more Randolph County Wellness Administrator Sam Varner listening than directing and, in that way, the client is in was key in getting RCC’s program off and running after charge. That is what leads to changing lives. speaking with RCC President Dr. Robert S. Shackleford Upon the May graduation of 14 students, the National Jr., RCC Vice President of Workforce Development Board for Health & Wellness Coaching (NBHWC) & Continuing Education Elbert Lassiter, and County approved RCC’s Health & Wellness Coach program Manager Hal Johnson in 2016. The program was funded for the education and training of health and wellness by an $8,900 grant from the Randolph County Board coaches. This approval allows its graduates to be of Commissioners that covered student scholarships, eligible to sit for the HWC Certifying Examination. RCC instructor costs, books and materials, and course now joins Duke Integrative Medicine as the only two development. With help from Duke, a trial program was NBHWC-approved programs in North Carolina, as well launched in 2018 along with the approval process. as the second community college nationally to have an “I wanted it to be affordable,” said Varner, noting approved program. the cost of registration at Duke is $4,440, while RCC’s Beth Knott completed the program in 2019 and it is $180. “To me, [RCC’s] not just a regular community changed her life both personally and professionally. A college. They’re ahead of the curve. RCC is really a statepediatric audiologist by trade, Knott spent several years of-the-art school. I thought this would be a way to put as a fitness instructor at the Randolph-Asheboro YMCA. Randolph County on the map, and it’s great for economic After seeing an article in the newspaper about the first development. So it all tied in.
“We also created a wellness coalition and I put an ad out for our 40 businesses: ‘Would you like free health coaching?’ Well, that’s a no-brainer. You get a free health coach for your at-risk employees, and so it’s a feeder system. It works for everybody.” RCC’s course teaches skills such as motivational interviewing, active listening, dynamic goal setting, and visioning to facilitate behavior change. Coaches are taught to put down the laptop, put aside the pen and notepad and really listen. The result is more than an exercise routine or a diet plan. “Part of what makes it integrative is that we really are encompassed by many other things than just eating better, losing weight, moving our bodies,” Knott said. “Yes, that can be a big part of what’s going to lead to that healthier lifestyle, but when you are involved with health coaching, you really are taking a step back and looking at the bigger picture. What does your environment look like? What does your sleep look like? How well are you managing some of the stresses in your life? … You really are working to develop a pathway that is individual to that person’s needs. We all have a picture of best health, but that picture is very, very different from person to person. It’s very individualized and is driven by the client. I’m not there to tell them what they’re going to do or how they’re going to change. You’re there to be their partner. “At the end of the day it’s not necessarily, ‘I want to fit in my skinny jeans,’ but ‘Where do you want to be in 10 years? What does healthy even mean to you?’ … It’s very rewarding. If we change one person’s life, it’s worth it.” The Health & Wellness Coach program also uses the Wheel of Health, which puts the client at the center, surrounded by the many factors in life such as nutrition and spirituality that, after taking an assessment, the client can see what needs work and what doesn’t.
“The analogy I use is there is a quote by John Muir that says, ‘Everything in life is connected’ ” Knott said. “So that’s how I’d describe it: If we look at this circle and see how it is all connected. He says, ‘When one tugs at a single thing in nature, he finds it attached to the rest of the world.’ What I do is just take that circle and say, ‘OK. Which area seems to be where the string’s really getting pulled?’ Once we can bring that string back into balance, then we see that circle becomes a little bit more of a circle again.”
Varner, whose background is coaching athletes for the college gridiron and the Olympic slopes, said it was difficult for him to rewire his brain to become a health coach. “I would coach my athletes how to get in shape, but when I’m doing that, then they’re dependent on me,” he said “In health coaching, you’re not depending on the coach. You’re depending on yourself. You’re relying on your inner self. And that’s what makes this fascinating.
“It was really hard for me when I started because I had a degree in nutrition, so I want to tell them how to eat, but I have to reframe that because the minute I start telling them that skews, subconsciously, that balance of the relationship. Then they come expecting me to give them some tidbits of information. If someone comes to me asking, ‘What’s the best diet for such and such?’ Normally, I would give them a diet or go tell them where to look. Now, I say, ‘Well, what do you think is the best? Why don’t you come up with something and let’s go over it together.’ ” With the help of RCC’s Small Business Center, Knott has started her own business, Beth Knott Health Coaching, and is coaching full time. The course has not only impacted her professionally, but also personally. “Learning these skills can make you a better mother,” said Knott, who has two children. “Just understanding presencing and listening and just being there, can make you a better listener with your husband. It’s just really helped reiterate what’s important in life.” Once completed, RCC Health & Wellness Coach program graduates can become board-certified by taking the exam, which is administered by the American Medical Association. As health coaching expands into the medical arena — e.g., there is now a CPT code for health coaching, both Knott and Varner hope it can touch younger generations in school. “If we can get in and teach these kids, just give them empowerment, ‘I am in control,’ ” Knott said. “We’re so quick to say, ‘Oh, well, my mom had diabetes. This is my future.’ And it’s not. If we can get in and create that mindset and really empower these kids and young adults those skills of, ‘I got this. I may have to work a little harder because of my genes, but genes are only determining a very small percentage of where I’m actually going to be.’ ” According to the U.S. Bureau of Labor Statistics, “Overall employment of health educators and community health workers is projected to grow 11 percent from 2018 to 2028, much faster than the average for all occupations. Growth will be driven by efforts to improve health outcomes and to reduce health care costs by teaching people healthy behaviors and explaining how to use available health care services. Governments, health care providers, social services providers want to find ways to improve the quality of care and health outcomes, while reducing costs. This should increase demand for health educators and community health workers because they teach people how to live healthy lives and how to avoid costly diseases and medical procedures.” Several studies have shown that health coaching is effective in improving various aspects of health, including cholesterol, weight, tobacco use, and anxiety. RCC’s 119-hour hybrid class is Wednesdays, Sept. 2-May 12, from 5:30-7:30 p.m. in the JB & Claire Davis Corporate Training Center, located inside the Continuing Education & Industrial Center on the Asheboro Campus. The cost is $180, and three books are required — “How To Be A Health Coach” by Meg Jordan, “Motivational Interviewing” by William R. Miller and Stephen Rollnick, and “Coaching Psychology Manual” by Margaret Moore, Ericka Jackson, and Bob Tschannen-Moran.
The requirements to become a National Board Certified Health & Wellness Coach (NBC-HWC) can be found at nbhwc.org/become-an-nbc-hwc/. For information, call 336-633-0268.
