NY: Guidance Released on Paid Family Leave Program Contribution and Benefits Taxation
The New York State Department of Taxation and Finance has released clarification on “the taxation of contributions made under, and benefits paid under, New York State’s new paid family leave program”. The guidance includes that “employers should report employee contributions on IRS Form W-2 using Box 14”, as well as that “benefits paid to employees are taxable non-wage income and must be included in federal gross income”. Employers should review the guidelines to ensure they are in compliance.
For more information, please click here.