No, not exactly. You do pay 100% of the required rate of contributions. Only you will know if the accumulative total of all of your payments in contributions are as much as you received in OR Paid Family Leave.
Depending on the total wages you earned the formula might be something like this:
- Paying 60% of the total 1% contribution rate of their gross wages, up to a maximum wage of $168,600 in 2024.
- .60 x .001 x your wage = total amount of premiums you paid.
- As an example: if wages were $50,000 your contributions paid would be $30.00 for 2024.
- If you actually used up any amount because you had OR Paid Family Leave in another year, that would also be a factor.
- Based on the information above, you must determine if you actually paid into this plan an amount higher than the amount you actually received. After subtracting your premiums paid, then you would report the balance.
@MoMoneyMoMoneyMoMoney
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