Beginning in January 2021, your LES within myPay will reflect the monthly collection amount and contain a note in the remarks section that shows the remaining balance of deferred Social Security taxes.
Below is a copy of an LES that identifies where the debt will be shown (deductions column and in the remarks section). The FICA REPAYMENT will be identified as a DEBT in the deductions column as well as FICA being deducted.
- The amount of Social Security taxes deferred in 2020 will be collected in 24 installments, out of your mid-month and end-of-month pay, between January 1 and December 30, 2021.
- Normal 6.2% Social Security tax withholdings will also be deducted from your pay, beginning January 2021.
- If you separate or retire prior to the deferred Social Security tax being collected in full, you are still responsible for the remainder of your Social Security tax repayment. The unpaid balance will be collected from your final pay or you may receive a debt letter with instructions for repayment.