September 15, 2020
To all our BMTC Affiliates; please be advised regarding the recent Memorandum by the President to defer withholding of certain payroll tax obligations:
- If your biweekly gross wages are less than $4000, you should notice a seeming increase in your wages. This action can be found on your LES effective this pay day. (September 18th)
- This deferral of tax payment is scheduled to continue through December 31st, 2020.
- These tax deferrals are NOT a giveaway program, the money you receive now will need to be paid back with your regular taxes next year, or interest and penalties will accrue.
- The current time table for repayment begins January 1st through April 30, 2021.
We at BMTC are aware and share the affects that this COVID crisis has put on many of our affiliate BUEs, how it has strained many of our budgets and more.
The BMTC would ask that you please remember this money will have to be paid back as indicated above, but try to consider it as an ‘involuntary-interest-free short-term loan’ with a stated due date.
BMTC also suggests that you compare your previous withholdings with your September 18th pay day withholdings and keep track of how much you will have to pay back.
You can also set up a savings allotment fairly easily at My Pay should you decide to.
If you have any questions, please feel free to contact your local steward for assistance.