To Get PFL Quote: Contact INFO@LIDAC.COM
BENEFITS AND CONTRIBUTIONS
The New York State Department of Financial Services (DFS) and the New York State Workers’ Compensation Board (WCB) have advised insurance carriers they will not be answering questions related to taxability. Rather, the departments will follow the New York State Department of Taxation and Finance and the Internal Revenue Service’s (IRS) guidance on these questions. Some Insurance carriers are seeking further ruling and / or guidance from the IRS.
The NYS DFS and WCB have shared some informal assumptions, subject to the review, confirmation and approval of the employer legal counsel, tax and financial advisor prior to advise to any employee
Federal Income Tax:
State Income Tax:
Social Security and Medicare (Employ-EE: FICA):
Social Security and Medicare (Employ-ER: FICA):
Note: The PFL benefits are in the nature of unemployment and disability benefit, and are not
considered wages paid from an employer. Prior to advising employees ask your tax advisor.