Associates may be wondering if DENSO will stop collecting payroll taxes based on the recent Executive Order. After investigation of the Executive Order by NA Tax and Payroll departments, it was decided that there is a high risk to associates for payback of taxes in 2021 and therefore, DENSO NA will not participate in this deferral option.
The order is only a deferral and not a forgiveness of the 6.2% employee portion of FICA tax. This means associates will be required to pay back the deferred amount at the beginning of 2021.
The following factors were considered when making this decision: