Payroll Tax Repayment Plan Tool Now Live on Employee Self Service
Exchange associates who had payroll taxes deferred in 2020 can now choose how many pay periods they’d like to use to repay the deferred taxes in Employee Self Service (ESS).
Through March 8, associates can choose anywhere from one to 21 pay periods to have the deferred taxes deducted from their wages. Associates who have not made a selection by March 8 will automatically default to 21 pay periods.
Once logged in to ESS, associates can click the “Deferred Payroll Tax Repayment” link, located in the “Money Matters” section, to choose their repayment duration. Before making their selection, associates can use a virtual tool to calculate how much will be deducted from their wages every pay period for each available option. Pay stubs will also be expanded to include a table showing the amount repaid per pay period for the 2020 deferral.
Enacted via executive order in August, the deferral of Social Security payroll tax applied to about 24,000 Exchange associates making $4,000 or less per pay period between Sept. 1 and Dec. 31, 2020. Per the order, the deferred taxes must be paid back this year via withholdings from associates’ wages.
Have more questions about the repayment of deferred payroll taxes? Check out this FAQ for more information.