The Supreme Court reversed the Sixth Circuit and held that severance payments to employees who were involuntarily terminated were taxable wages for FICA
65 percent in severance costs from FICA
payroll tax savings on the separation payments and federal and state unemployment tax savings of about 3 percent, depending on the state, the employer's experience rating, and the time of year the reduction in force occurs.
In addition to the FICA
payroll tax exemption, employers will receive a general business tax credit for every "qualified employee" the employer retains for at least 52 consecutive weeks.
In 1990, Congress amended the Internal Revenue Code (IRC) and the Social Security Act, making Social Security and Medicare coverage mandatory for most state and local government employees who were not covered by a qualifying FICA
replacement public retirement system or a Section 218 agreement.
18) Assuming the calendar year is still open, the employee's share of FICA
taxes could be collected from the employee's remuneration when he returns from active duty.
demand to know how the ICC can relax a contractual obligation they insist is inviolable.
Clinton's plan to make currently exempt employees pay FICA
taxes will seriously weaken the financial health of the exempt plans.
Beginning in 1995, a person who is under the age of 18 for any part of the year will not be subject to FICA
taxes on domestic services performed in a private home of the employer unless the individual's principal occupation is domestic service.
Best expects ongoing market competition will remain to be a challenge for FICA
to sustain its business growth in the near term.
is not a member of the FDIC, but the banks in which money is deposited are FDIC members.
In a statement, FICA
Executive Chairman Paul Marsh alleges that there has been 'no action for six weeks' on the FICA
complaint about the vote for players representatives on the ICC Cricket Committee.
The Sixth Circuit held that supplemental unemployment compensation benefit payments were not wages for FICA
purposes and therefore not subject to FICA