Tag Archives: FICA Taxes

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

Taxes
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 nonqualified deferred compensation plans (NQDC Plans)—FICA taxes! Companies commonly fail to implement the unique FICA tax rules … Continue reading this entry

FICA Taxes on Certain Severance Pay May Be Refundable

The IRS may owe FICA tax refunds on severance payments made by employers to laid-off or terminated employees as part of reductions in workforce. Every employer that paid severance to laid-off employees as part of a reduction in workforce in 2009 or later years needs to consider filing FICA tax refund claims.… Continue reading this entry