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Severance payments remain FICA taxable

April 22, 2014 by OSYB Staff

In a U.S. Supreme Court ruling in favor of the IRS, certain severance compensation packages will remain taxable for FICA deductions. The ruling was voted in 8-0 to overturn the Sixth Circuit decision. Had the Sixth Circuit ruling stood it would have had a huge tax impact. Read more here. 

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