News & Analysis as of September 19, 2024

Income Taxes › Quality Stores

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Is There Quality to the Argument That Severance Payments Are Not Taxable "Wages"? – Supreme Court Holds That Severance Payments...

Dechert LLP on 3/28/2014

Earlier this week, on March 25, 2014, the U.S. Supreme Court handed down a highly publicized decision in the case of United States v. Quality Stores. In Quality Stores, the Court unanimously held that the severance payments...more

Supreme Court Rules that Severance Payments Are Taxable Under FICA

Mintz - Employment, Labor & Benefits... on 3/27/2014

I have to admit, when I read the news that the Supreme Court had ruled earlier this week that severance payments are “wages” subject to payroll taxes, I thought I was on crazy pills: Didn’t we already know that? But,...more

US Supreme Court Rules Severance Pay Subject to FICA Taxes

Nexsen Pruet, PLLC on 3/27/2014

This week, the U.S. Supreme Court confirmed that severance pay is subject to FICA tax. There had been uncertainty about whether FICA taxes were due on severance payments following disparate circuit court rulings in...more

High Court Rules Some Severance Payments Are Taxable

Ogletree, Deakins, Nash, Smoak & Stewart,... on 3/26/2014

Yesterday, the Supreme Court of the United States held that severance payments are taxable under the Federal Insurance Contributions Act (FICA) when made to employees whose employment is involuntarily terminated. The Court...more

Be Sure to File a Protective Claim for FICA Taxes

Ervin Cohen & Jessup LLP on 2/19/2014

The Supreme Court has agreed to review the Sixth Circuit Court of Appeals decision in United States v. Quality Stores which held that severance payments to involuntarily terminated employees were supplemental unemployment...more

Deadline Looms for Quality Stores FICA Refund Claims for Severance Payments

McDermott Will & Emery on 2/13/2014

The Supreme Court of the United States recently heard arguments in its review of the U.S. Court of Appeals for the Sixth Circuit’s Quality Stores decision. At issue in Quality Stores is whether certain severance payments...more

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