Deferred Compensation FICA Taxes

Deferred Compensation is a financial arrangement whereby a portion of an employee's current wages are distributed at a later time, usually to delay tax liability. Deferred compensation often takes the form of... more +
Deferred Compensation is a financial arrangement whereby a portion of an employee's current wages are distributed at a later time, usually to delay tax liability. Deferred compensation often takes the form of stock options or severance payments.  less -
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Year-End Employment Tax Update– Complying With the Special Timing Rule for Nonqualified Deferred Compensation

Under a special timing rule contained in the federal tax regulations, benefits earned under many nonqualified deferred compensation arrangements are subject to Social Security and Medicare employment taxes (FICA taxes) as of...more

FICA Tax Imposed on Compensation That Will Never Be Received

FICA tax is normally collected through withholding at the time the underlying compensation (“wages”) is received. Under a special rule in the Internal Revenue Code, however (the “special timing rule”), FICA with respect to...more

This Time The Employer Is Responsible For The Withholding Error

I recently blogged here about a situation involving Verizon withholding US taxes from payments to former employees who never lived or worked in the U.S....more

American Taxpayer Relief Act of 2012: Expanded Roth Conversions and Other Benefit and Retirement Related Provisions

On January 2 , 2013, President Obama signed the American Taxpayer Relief Act of 2012 (H.R. 8) (the “Relief Act”) into law. While the principal intention of the Relief Act was to avert the key elements of the “fiscal cliff” by...more

New Medicare Tax Goes Into Effect January 2013: Year-End Tax Planning For Employers

The Employee Benefits and Executive Compensation team at Polsinelli Shughart have analyzed the potential implications of the new Medicare Tax to their clients' businesses and can provide direct and practical advice on your...more

Perspectives - Fall 2012 | Volume 3, Edition 2: An Executive Compensation, Benefits & Human Resources Law Update

In This Edition: - Year-end Deadline for Correcting Section 409A Deferred Compensation Arrangements That Condition Payment on an Employee Release or Covenant: By December 31, 2012, all deferred compensation...more

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