FICA Taxes Medicare Taxes

Federal Insurance Contribution Act (FICA) Taxes are United States federal payroll taxes levied to fund the Social Security and Medicare system. FICA Taxes burdens are divided between employers and employees and... more +
Federal Insurance Contribution Act (FICA) Taxes are United States federal payroll taxes levied to fund the Social Security and Medicare system. FICA Taxes burdens are divided between employers and employees and are currently set at 12.4% for Social Security and 2.9% for Medicare. less -
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Year-End Health and Retirement Plan Guidance Grab Bag

Following Hawaii’s enactment of legislation recognizing same-sex marriage as of and after December 2, 2013 a number of additional pieces of guidance were also issued. Internal Revenue Service’s Frequently Asked Questions...more

Another Bite of the Apple

Do you know what FICA is? Yes, it’s that amount which is deducted from your paycheck for “taxes”. FICA is made up of two taxes, one for Old, Age, Survivors and Disability Insurance (OASDI or the Social Security tax) and the...more

Reminder: Employers Subject to Additional Medicare Tax Withholding & Reporting Requirements, Effective 1/1/2013

The Patient Protection and Affordable Care Act (“PPACA”) increased the employee portion of the Medicare tax on wages received on or after January 1, 2013 by 0.9% of Federal Insurance Contributions Act (“FICA”) wages which are...more

Union Friendly - Using Collectively Bargained Pension Plans to Maximize Employee Benefit Plan Contributions for Closely Held...

Overview - In Part I of this series, I discussed the benefits of collective bargaining agreements for small business owners and professional corporations for qualified retirement planning. The ability to unionize...more

American Taxpayer Relief Act Affects Mass Transit Benefits and Other Employee Benefits

On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 ("ATRA") into law. ATRA, adopted as an alternative to stepping over the "fiscal cliff," preserves most of the Bush-era tax cuts and...more

FICA Tax “Holiday” Ends With 2012, and Social Security and Medicare Contributions Increase For Some Employees

On January 1, 2013, Congress approved the American Taxpayer Relief Act of 2012, the bill designed to avert the so-called “fiscal cliff.” The Act, which President Obama signed into law yesterday, extended certain tax relief...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

IRS Releases Guidance For Employers and Others on the 2013 Medicare Taxes under the Affordable Care Act

On November 30, 2012, the Internal Revenue Service ("IRS") released proposed regulations and two sets of frequently asked questions implementing two new Medicare taxes under the Patient Protection and Affordable Care Act...more

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