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December 4, 2022

severance payments

When You Inevitably Get Laid Off, Your Severance Payments Will Be Subject To FICA Taxes

Yesterday, the Supreme Court gathered to decide an issue that had drawn the attention of tax advisors and subpar employees the country over: Is severance pay pursuant to an involuntary layoff subject to FICA employment taxes? The answer was a resounding “yes,” a reversal from the rulings previously handed down by the District Court and […]