How to Withhold CO FAMLI(Colorado Family and Medical Leave Insurance)?
ezPaycheck payroll software is very flexible. With ezPaycheck, you can withhold CO FAMLI, Colorado Family and Medical Leave Insurance, from each employee paycheck easily.
#1 What is Colorado Family and Medical Leave Insurance(CO FAMLI)
CO FAMLI: On Nov. 3, 2020, Colorado voters approved a measure to create a Paid Family & Medical Leave program. Contributions to the program will begin January 1, 2023 with benefits payable in 2024.
#2 What is the rate?
Please visit CO state page for the latest rate!
Employers and their employees are both responsible for funding the FAMLI program and may split the cost 50/50. The premiums are set to 0.9% of the employee's wage, with 0.45% paid by the employer and 0.45% paid by the employee. Employers may also choose to pay the full amount if they would like to offer this as an added perk for their employees.
Premiums are paid on wages up to the Federal Social Security Wage Cap which is $160,200 for earnings in 2023.