What are New Yorks DBL plan costs?
The employee contribution rate is one-half (1/2) of one percent (0.5%) of the first $120.00 of weekly wage up to a maximum of $.60 per week ($31.20 per year). The employer contributes the remainder of plan costs (if any). The IRS has ruled the employer contributions to the state plan or to a private plan are deductible by the employer and considered taxable income to the employee. Employee contributions to the State Fund are deductible as State Taxes, while contributions to a private plan are treated as nondeductible personal expenses.
