New Washington Payroll Tax to Pay for ‘Free’ LTC Benefits

Tacoma WA

Description

New Washington Payroll Tax to Pay for ‘Free’ Long-Term Care Benefits from the State. Governor Jay Inslee signed SB 1323, amending RCW 50B.04 to provide that, beginning January 1, 2022, Washington employers must withhold a new 0.58!!! percent payroll tax from all employee wages, with no cap on the amount, and remit those payments to the state quarterly. Unlike the Washington Paid Family Medical Leave (WPFML) law, there is no employer-funded premium under the new law. https://www.natlawreview.com/article/new-washington-payroll-tax-to-pay-free-long-term-care-benefits-state?amp= You can beat this!! The law states that of you have your own LTC coverage by an approved carrier you can exempt yourself from additional taxes taken out of your paycheck. Contact me for a solution to beat this impending law to be enacted as of NOVEMBER of this year 2021 Demetrius Laster Insurance Specialist