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FICA Taxes › Consolidated Appropriations Act (CAA)

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 -
Groom Law Group, Chartered

House Passes Health and Tax Changes as Part of New COVID-19 Legislation

Groom Law Group, Chartered on

In the early morning hours of February 27, the House of Representatives narrowly passed H.R. 1319, the American Rescue Plan Act (the “Rescue Plan”), by a vote of 219-212. The Senate will now take up the sweeping $1.9 trillion...more

McDermott Will & Emery

Form W-2 and 941 Actions May Be Required Immediately for Retroactive Increase in Section 132 Transit Benefits

McDermott Will & Emery on

The Consolidated Appropriations Act of 2016 (the Act) retroactively increased the 2015 employer and employee Federal Insurance Contributions Act (FICA) and Federal Income Tax exclusion limit for transit benefits, from $130...more

McGuireWoods LLP

Déjà Vu All Over Again: Congress Grants Retroactive Transit Parity, IRS Issues Payroll Guidance

McGuireWoods LLP on

As discussed in a prior WorkCite article, the recently enacted Consolidated Appropriations Act, 2016 (the Act) permanently removed the disparity between the taxation of (i) commuter vehicle/transit benefits and (ii) qualified...more

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