Effective January 1, 2022, Washingtonians who are W-2 employee will be subject to a 0.58% payroll tax on all compensation. If you are employed, you will pay $580 of additional tax per every $100,000 of compensation with no income cap.

The CARES Act offers multiple benefits for your student loans, including waving interest, payments, and collections on Federal Student Loans. If you want to know how to pay student loans during Coronavirus, you’re not alone. We hope the FAQ below will provide some guidance.

As part of the CARES Act, the $2.2 trillion stimulus package, the federal government is sending stimulus payment to millions of Americans. This FAQ will help you understand what this means, how it works, and how it impacts you and your family.

The CARES Act temporarily expanded the unemployment program to address the unprecedented layoffs and furlough as a result of COVID-19 shutdown. This new plan wraps in far more workers than are usually eligible for unemployment benefits, including the self-employed, gig/contract workers, part-time employees, and new entrants to the workforce.

This material was prepared by Financial Fourm. This information was developed as a general guide to educate plan sponsors, but is not intended as authoritative guidance or tax or legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation. In no way does advisor assure that, by using the information provided, plan sponsor will be in compliance with ERISA regulations. This information is based on federal government communications and materials reviewed as of March 31, 2020 and may not include and new details or changes that occurred after this date.

On March 27, 2020, in response to the COVID-19 global pandemic, Congress passed the Coronavirus, Aid, Relief, and Economic Security (CARES) Act. This is historic and sweeping legislation created to help keep workers paid and employed, allow businesses to remain operational, make necessary health care system enhancements and stabilize the economy.

As part of a larger government spending package, which was signed into law on December 20, 2019, Congress included provisions from the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The important retirement legislation reflects policy changes to defined contribution plans (such as 401(k)s), defined benefit pension plans, individual retirement accounts (IRAs), and 529 college savings accounts. Most provisions in the law go into effect on January 1, 2020.