PERSONAL FINANCIAL MANAGEMENT
Personal Financial Management

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Financial Resources for Service Members & Families
4/14/2020

My Money
Making the most of your money starts with five building blocks for managing and growing your money -- The MyMoney Five (Earn, Save & Invest, Protect, Spend, Borrow). Keep these five principles in mind as you make day-to-day decisions and plan your financial goals. This website is organized around the MyMoney Five principles so you can quickly identify resources and tools to help you in these areas.

READY
Ready is a National public service campaign designed to educate and empower the American people to prepare for, respond to and mitigate emergencies, including natural and man-made disasters.


Financial Resources for Service Members & Families
DATE & TIME 4/14/2020
LOCATION

My Money
Making the most of your money starts with five building blocks for managing and growing your money -- The MyMoney Five (Earn, Save & Invest, Protect, Spend, Borrow). Keep these five principles in mind as you make day-to-day decisions and plan your financial goals. This website is organized around the MyMoney Five principles so you can quickly identify resources and tools to help you in these areas.

READY
Ready is a National public service campaign designed to educate and empower the American people to prepare for, respond to and mitigate emergencies, including natural and man-made disasters.


Payroll Taxes Deferral Memorandum
9/17/2020

On August 8, 2020, President Trump signed a Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster. As a result, some federal employee paychecks are likely going to reflect a larger amount for the months of September through December 2020, due to a payroll tax deferral.

 

What are Payroll Taxes?

Payroll taxes are federal, state, and local taxes withheld from an employee’s paycheck by the employer. These taxes consist of income taxes, unemployment taxes, and deductions for Federal Insurance Contributions Act (FICA) taxes, which consists of Social Security (OASDI – Old-Age, Survivors, and Disability Insurance) and Medicare (HI – Hospital Insurance) taxes.

The current tax rate for Social Security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current tax rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total. Combined, the FICA tax rate is 15.3% of the employee’s wages.

 

Which Payroll Tax is Deferred?

Specifically, the temporary change will defer the withholding of all eligible employees’ 6.2% OASDI taxes. Those with gross wages of $4,000 or more per biweekly pay period (or the equivalent amount with respect to other pay periods) are not impacted by this tax deferral. When implemented, the 6.2% OASDI tax deferral will be effective from 1 September 2020 until 31 December 2020. There is no provision to opt-out.

 

Who is Impacted?

The deferrals will apply to all federal employees (and some other employees, depending on the employer) making less than $104,000 per year, or $4,000 gross per biweekly pay period. Simply stated, this short-term loan will need to be repaid in full. In the short term, you may see an increase in take-home pay, but unless Congress passes COVID-19 legislation to forgive the payroll taxes that are due, you will likely be expected to pay that money back during January through April 2021, for tax year 2020. This could be a hefty and unplanned bill for some.
 

An increase in calls from sales people with “Payroll Taxes Saving Strategies and Scams “are also expected. Please take heed and extreme caution.

 

Here are a couple of simple effective ideas that will help with planning.

Use the IRS user-friendly withholding calculator to compute the dollar amount of your personal withholding. (Do not worry; it is handy enough to compute what you will owe from now until the end of the year.  The calculator can be found at: 
https://www.irs.gov/individuals/tax-withholding-estimator
 
  • Set aside the additional amount each pay period in a separate saving account at your bank or credit union, and then use that to pay back your taxes when they come due. A bonus is that you can keep the interest earned on the money! If you don’t have the money readily available, by some estimates, you will have to double your regular payroll tax rate during the first four months of 2021 to cover the amount.  Additionally, it is possible that if you do not pay it back in full, you will then have to pay interest and penalties.
 
  • An easier route is to save the 6.2% OASDI tax each paycheck or check your latest paycheck to see how much Social Security (OASDI) tax is usually deducted from your earnings, and set that amount aside.
 

Need Help?

Please contact your installation’s Personal Financial Management Program (PFMP) or your unit Command Financial Specialist for assistance. They are there to help.
 

Contact numbers for MCCS P&PD-Resources facilities are:

Camp Kinser: 637-2815

Camp Courtney:  622-7332

Camp Foster: 645-2104

Camp Hansen: 623-4522

Camp Schwab: 625-2622

 

Tax Note:

Please note that the PFMP does not prepare taxes. They provide product free and commercial free education to help Service Members and their families make informed financial decisions.
 

Reference:

Memorandum on Payroll Tax Deferrals: 

https://www.defense.gov/Newsroom/Releases/Release/Article/2343104/dod-educates-military-service-members-and-civilian-employees-on-the-social-secu/source/GovDelivery/

 


Payroll Taxes Deferral Memorandum
DATE & TIME 9/17/2020
LOCATION

On August 8, 2020, President Trump signed a Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster. As a result, some federal employee paychecks are likely going to reflect a larger amount for the months of September through December 2020, due to a payroll tax deferral.

 

What are Payroll Taxes?

Payroll taxes are federal, state, and local taxes withheld from an employee’s paycheck by the employer. These taxes consist of income taxes, unemployment taxes, and deductions for Federal Insurance Contributions Act (FICA) taxes, which consists of Social Security (OASDI – Old-Age, Survivors, and Disability Insurance) and Medicare (HI – Hospital Insurance) taxes.

The current tax rate for Social Security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current tax rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total. Combined, the FICA tax rate is 15.3% of the employee’s wages.

 

Which Payroll Tax is Deferred?

Specifically, the temporary change will defer the withholding of all eligible employees’ 6.2% OASDI taxes. Those with gross wages of $4,000 or more per biweekly pay period (or the equivalent amount with respect to other pay periods) are not impacted by this tax deferral. When implemented, the 6.2% OASDI tax deferral will be effective from 1 September 2020 until 31 December 2020. There is no provision to opt-out.

 

Who is Impacted?

The deferrals will apply to all federal employees (and some other employees, depending on the employer) making less than $104,000 per year, or $4,000 gross per biweekly pay period. Simply stated, this short-term loan will need to be repaid in full. In the short term, you may see an increase in take-home pay, but unless Congress passes COVID-19 legislation to forgive the payroll taxes that are due, you will likely be expected to pay that money back during January through April 2021, for tax year 2020. This could be a hefty and unplanned bill for some.
 

An increase in calls from sales people with “Payroll Taxes Saving Strategies and Scams “are also expected. Please take heed and extreme caution.

 

Here are a couple of simple effective ideas that will help with planning.

Use the IRS user-friendly withholding calculator to compute the dollar amount of your personal withholding. (Do not worry; it is handy enough to compute what you will owe from now until the end of the year.  The calculator can be found at: 
https://www.irs.gov/individuals/tax-withholding-estimator
 
  • Set aside the additional amount each pay period in a separate saving account at your bank or credit union, and then use that to pay back your taxes when they come due. A bonus is that you can keep the interest earned on the money! If you don’t have the money readily available, by some estimates, you will have to double your regular payroll tax rate during the first four months of 2021 to cover the amount.  Additionally, it is possible that if you do not pay it back in full, you will then have to pay interest and penalties.
 
  • An easier route is to save the 6.2% OASDI tax each paycheck or check your latest paycheck to see how much Social Security (OASDI) tax is usually deducted from your earnings, and set that amount aside.
 

Need Help?

Please contact your installation’s Personal Financial Management Program (PFMP) or your unit Command Financial Specialist for assistance. They are there to help.
 

Contact numbers for MCCS P&PD-Resources facilities are:

Camp Kinser: 637-2815

Camp Courtney:  622-7332

Camp Foster: 645-2104

Camp Hansen: 623-4522

Camp Schwab: 625-2622

 

Tax Note:

Please note that the PFMP does not prepare taxes. They provide product free and commercial free education to help Service Members and their families make informed financial decisions.
 

Reference:

Memorandum on Payroll Tax Deferrals: 

https://www.defense.gov/Newsroom/Releases/Release/Article/2343104/dod-educates-military-service-members-and-civilian-employees-on-the-social-secu/source/GovDelivery/

 


Personal Financial Management - Virtual Counseling
4/24/2020

Virtual Counseling is available online via a government-approved application (GVS/DCS) or DSN phone.

 Request an appointment today by emailing mcbb_ppdr_request@usmc.mil.

 


Personal Financial Management - Virtual Counseling
DATE & TIME 4/24/2020
LOCATION

Virtual Counseling is available online via a government-approved application (GVS/DCS) or DSN phone.

 Request an appointment today by emailing mcbb_ppdr_request@usmc.mil.

 


Upcoming Events:


Protect Against COVID-19 and Other Investment Scams Webinar provided by the U.S. Securities and Exchange Commission (SEC):


Topics will include:

  • The RED FLAGS of investment fraud
  • COVID-19 investment charity scams and other frauds
  • Steps you can take to protect yourself 
  • SEC resources that can help you become an informed investor and avoid scams


Session One:

Date: Wednesday, 28 October 2020

Time: Wednesday at 1400 Eastern Time | 1100 in California

Link to the event: https://meeting.marinenet.usmc.mil/protectinvestmentscam/event/event_info.html


Session Two:

Date: Wednesday/Thursday, 28-29 October 2020

Time: Wednesday at 1800 Eastern Time | Thursday at 0700 in Japan

Link to the event: https://meeting.marinenet.usmc.mil/protectinvestmentscam2/event/event_info.html


CFS Training Materials:


CFS Handouts: 


*If you have problems opening a link by directly clicking on it, please right click and select open on the pop-up menu.*


*If you have problems opening a link by directly clicking on it, please right click and select open on the pop-up menu.*  

Saving Calculator

Loan Calculator 

401(K) and IRA Minimum Required Distribution Calculator 

Choose to Save

The Financial Industry Regulatory Authority (FINRA) Tools and Calculators webpage has a multitude of Resource Tools, Calculators, Analyzers and Quizzes and Games available (some of which are included above) to assist individuals in effectively managing their finances.

*If you have problems opening a link by directly clicking on it, please right click and select open on the pop-up menu.*

Credit Card Act

Equal Credit Opportunity Act

Fair Credit Reporting Act

Fair Debt Collection Practices Act

Annual Credit Report

Consumer Credit Counseling

*If you have problems opening a link by directly clicking on it, please right click and select open on the pop-up menu.*

 

Military One Source 

Consumer Credit Counseling  

Detailed Spending Plan   

Monthly Spending Plan  

Security Clearances

2020 Electronic Financial Planning Worksheet (eFPW)  (Non-Macro Excel Sheet)

Identity Theft

Department of Treasury Literacy and Education


 

 *If you have problems opening a link by directly clicking on it, please right click and select open on the pop-up menu.*  

 PREMARITAL 

  Premarital Financial Questions

 Deployment

  Remaining Financially Fit During Deployment

  Deployment Spending Checklist

  Savings Deposit Program

  Financial Toolkit

 Retirement

  Retirement Calculator 

  Survivors Benefit Plan 

  Social Security

*If you have problems opening a link by directly clicking on it, please right click and select open on the pop-up menu.*  

 

 Housing and Urban Development - HUD

 VA Home Loan

 Making Home Affordable

 Rural Housing  Assistance


 Troubled Asset Relief Program

*If you have problems opening a link by directly clicking on it, please right click and select open on the pop-up menu.*  

 

Home Loans

  VA Home Loans

 

 Home Loan Modification Programs

  Making Home Affordable 

  Troubled Asset Relief Program

 

 Student Loans

  Loan Forgiveness

  National Student Loan Database

 

 Consumer Loan Awareness

  Military Lending Act

  Service Members Civil Relief Act

*If you have problems opening a link by directly clicking on it, please right click and select open on the pop-up menu.*  

 Military Saves Web Page

  Save and Invest Military Center

  Take the Saver Pledge

  Thrift Savings Plan

  Okinawa Cola Savings Scenario

  COLA Calculator

  Salute To Smart Investing

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