HRS §88F-10
Deferred pay counts as regular pay but not for tax withholding
Money you put off receiving through a plan under this chapter is treated as regular pay, but it is not counted when figuring out how much federal income tax to withhold from your paycheck.
employeesemployers
The statute, as written — Deferred amounts as compensation
Any compensation deferred pursuant to a plan established under this chapter shall be deemed regular compensation, but shall not be included in the computation of federal income taxes withheld on behalf of any participating employee.
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