The discussions on this at the ICC have been going on and FICA
will continue to urge ICC to prioritise this issue," he said.
is a liquid, structured bank deposit vehicle that provides investors a competitive yield on multi-million dollar deposits backed by the full faith and credit of the US Government.
457(b) plans usually permit participation by all eligible employees, whether highly compensated or not, special attention should be given to FICA
taxation when employer matching or nonelective contributions are provided, particularly when those contributions are subject to a vesting schedule.
Quality Stores reported the payments as wages and withheld income tax accordingly; it paid the employer's share of FICA
tax and withheld the employee's share.
The immediate fallout from this decision is that more than $1 billion in FICA
tax protective refund claims filed by employers across the country will not be paid.
Statutory employers, such as payroll service companies, are required to remit employer FICA
and FUTA taxes and employee FICA
taxes even though they are not common law employers.
According to the report, FICA
decided to refer to the matter themselves as they believe that the matters are 'concerning and disappointing', adding that this is merely an attempt from their side to deflect attention from the real point, for which they have issued a statement of unity signed by all players from six countries, except India.
According to the administration, the imposition of FICA
taxes could result in the loss of $24 million annually in illegal taxes on the CNMI economy.
The IRS has recently provided guidance on the withholding of FICA
taxes on the value of certain deferred compensation benefits.
The special FICA
rules under Code section 3121(v)(2) also can present problems when above-market interest is earned in nonqualified defined contribution plans.
The IRS guidance further supports a finding that certain HIRE act benefits, including the FICA
payroll tax exemption, apply to employers of seasonal employees.
You may access more information regarding the FICA
by going to http://www.