Here we are on the north side of September 1, and that means the start of the payroll tax deferral program.

With the program beginning, this means that some working Americans will see an increase in their paychecks every month from now, until the end of the year. Extra cash sounds good right now - and for a lot of families, this little bit can be a big help. So how much extra are we talking? The federal government isn't collecting 6.2 percent of your salary. But it does come with a catch.

The extra money is JUST a tax deferral, and NOT a tax forgiveness. So this means you'll have to pay that money back in the first 4 months of 2021.

The biggest catch of all? You'll have to pay back 12% - NOT 6% - of your salary in the first 4 months of next year.

So, what if you don't want to participate at all? Well the ball is in your employer's hands. If you want to avoid that break for now and don't want to worry about your tax bill next year, you can talk to your employer and see if you can opt out.

If you company is participating in the deferral, you could set aside six percent of your salary each week. Yikes...math.

The deferral program isn't mandatory, so a lot of companies may not participate at all. In this case, you're off the hook.

So it really does beg the question, do you really need this break this way right now? You could be stuck with the bill next year. It's definitely worth thinking over.