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FICA Taxes › Medicare Taxes › Social Security 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 -
Foley & Lardner LLP

Deferred Compensation Plans and FICA Taxes: A Valentine’s Day Match or Disaster?

Foley & Lardner LLP on

While February is usually the month for valentines and candy conversation hearts, I hope you will use this month to give a little love and attention to one of the often overlooked “other” taxes applied to payments from...more

Ward and Smith, P.A.

Timing is Everything: IRS Raises the Stakes for Employers Who Delay FICA Taxation of Deferred Compensation

Ward and Smith, P.A. on

Employers, both for-profit and tax-exempt organizations, often overlook the complex FICA tax rules applicable to deferred compensation. Unfortunately, this oversight now can be a real problem for the employer. When an...more

Baker Donelson

No Refunds: Supreme Court Settles Circuit Split over Severance Payment Taxation

Baker Donelson on

In its ruling on United States v. Quality Stores, Inc., No. 12-1408 (U.S. Mar. 25, 2014), the United States Supreme Court put to rest a decade-old battle over whether severance payments made to employees are taxable as wages...more

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