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FICA Taxes › Layoffs

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 -
Holland & Hart - The Benefits Dial

You Say Goodbye, I Say Hello . . . But Be Careful On How You Classify Someone On The Way Back In The Door

Holland & Hart - The Benefits Dial on

In 2020, the United States experienced a record-breaking number of unemployment claims. If you had to make the difficult decision to furlough or let employees go due to the coronavirus, you were not alone. As we continue...more

Morgan Lewis

Supplemental Unemployment Benefit Plans Offer Tax Advantages to Employers Seeking to Support Laid-Off Workers

Morgan Lewis on

Employers considering layoffs in the face of the coronavirus (COVID-19) crisis have additional opportunities to support furloughed workers, aside from options offered by the CARES Act. ...more

Sheppard Mullin Richter & Hampton LLP

Deadline for Filing FICA Tax Refunds is April 15

Sheppard Mullin Richter & Hampton LLP on

As previously reported, the payment of certain severance benefits may be exempt from FICA taxes. Under the Sixth Circuit’s decision in Quality Stores, severance pay made in connection with an involuntary separation from...more

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