FICA

News & Analysis as of

FICA Special Timing Rule for Nonqualified Deferred Compensation Applies Even When Employees Never Receive Deferred Amounts

The Federal Insurance Contributions Act (FICA) tax is comprised of a Social Security tax, currently at a 6.2 percent rate for each of the employer and employee on wages up to $117,000 (the Social Security "wage base") and a...more

The Windsor FICA Fix

As promised, the Internal Revenue Service has prescribed special procedures that employers may use in order to retroactively correct FICA withholding and payment following the Supreme Court's decision earlier this year in...more

IRS Announces Special Procedures to Correct Overpayment of FICA for Same-Sex Benefits

In the wake of the U.S. Supreme Court’s decision in U.S. v. Windsor and supplemental guidance in Revenue Ruling 2013-17, the Internal Revenue Service has issued Notice 2013-61, providing optional special administrative...more

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