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FICA Taxes › Tax Deductions

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 -
Husch Blackwell LLP

Attracting and Retaining Key Executives through Deferred Compensation Plans

Husch Blackwell LLP on

Deferred compensation plans offer highly compensated and key employees an opportunity to earn performance awards, defer compensation and taxes until a later date, reduce certain payroll taxes, informally find executive life...more

Burr & Forman

The New Section 199A 20% “Profit Deduction” for Pass-Through Businesses: The Undecided Issue of Owner Compensation

Burr & Forman on

Under the Tax Cuts and Jobs Act, Congress is now offering a new 20% deduction for “pass-through” businesses – i.e. businesses that are not corporations. With the corporate tax rate being reduced under the new law to a flat...more

Pillsbury Winthrop Shaw Pittman LLP

Five Things Employers Should Know about Tax Reform

Pillsbury Winthrop Shaw Pittman LLP on

With the enactment of the Tax Cuts and Jobs Act comes sweeping changes to executive and equity compensation and employee benefits. Employers should evaluate whether they will be subject to the $1 million tax deductibility...more

Gerald Nowotny - Law Office of Gerald R....

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

Gerald Nowotny - Law Office of Gerald R.... on

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

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