Senior Specialist 401k Recordkeeping T Bank N.A.
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Greenline Wealth Management
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Great Lakes Pension Associates, Inc.
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Retirement Solutions Specialists
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Defined Contribution Account Manager Nova 401(k) Associates
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Pollard & Associates
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Defined Contributions Compliance Consultant Loren D. Stark Company (LDSCO)
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Fringe Benefit Group
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New York City District Council of Carpenters Benefit Funds
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Retirement Planners and Administrators (RPA)
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TPA Retirement Plan Consultant EPIC RPS (TPA/DPS)
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FICA Tax on Severance Payments Questioned
McGuireWoods [Guidance Overview] Mar. 19, 2010 Excerpt: Certain severance benefits may not be subject to taxation under the Federal Insurance Contributions Act (FICA), according to a recent district court decision. In United States v. Quality Stores, Inc., No. 1:09-cv-44 (W.D. Mich. Feb. 23, 2010), a decision affirming a bankruptcy court decision, the U.S. District Court for the Western District of Michigan highlighted the historical uncertainty regarding whether certain severance payments made to employees are subject to taxation under FICA. In this episode, the court held that such payments were not subject to FICA, as they did not constitute 'wages.' |
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