3402 specifically extends the income tax withholding requirements to several items, including severance payments
that qualify as supplemental unemployment benefits (SUBs), which "shall be treated as if it were a payment of wages by an employer to an employee for a payroll period.
SUB-Pay Plans are paid on a periodic basis, which provides the former employee with steady income during their transition to reemployment, and may reduce the additional tax burden associated with lump-sum severance payments
US Airways Group Inc is being sued by a shareholder, Steven Rosenberg, over a severance payment
deal for the company's top three executives.
This year's leading candidate is Jill Barad of Mattel, who resigned as CEO earlier this year following a series of performance disappointments and received severance payments
valued at almost $50 million.
TEI believes that severance payments
related to services previously rendered (e.
Liddy foregoing any severance payments
, there will be restrictions on severance payments
to members of this management group, which exceed TARP severance restrictions.
Subject to FICA Withholding The Supreme Court, reversing a decision of the Sixth Circuit, held that severance payments
to terminated employees are subject to FICA withholding.
The National Audit Office (NAO) examined a further 90 severance payments
made to corporation bosses after its initial study of 60 cases showed some staff were paid more than they were entitled to.
Earlier enraged Fianna Fail chief Micheal Martin accused Fine Gael of hypocrisy for campaigning on severance payments
and pensions, while their boss took pension entitlements for 13 years while he was a TD.
A bankrupt company's ability to offer incentive compensation, retention bonuses and severance payments
for executives is severely restricted.
The government also agreed to an enhanced severance fund of $25 million for severance payments
to health workers who currently have lay-off notices "and for those who may receive layoff notices between May 1, 2004 and March 31, 2006.
For years the IRS has insisted companies collect and pay Social Security, Medicare and unemployment taxes on all severance payments
they made to former employees after a layoff or termination.