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Re:deferred compensation & FICA (1 viewing) (1) Guest
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TOPIC: Re:deferred compensation & FICA
#2092
laurie (User)
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deferred compensation & FICA 1 Month, 3 Weeks ago Karma: 0  
I'm getting severance pay from a prior employer. I wont be working there but they will continue to make my severance pay and contribute all $8k to the deferred comp plan. My question is do I have to pay payroll taxes on the deferred comp? If so, how do I do that?

Any help or direction would be appreciated.

L
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J. Law (User)
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Re:deferred compensation & FICA 1 Month, 2 Weeks ago Karma: 0  
the answer is yes. please see link below, this may help. http://www.thefreelibrary.com/Deducting+payroll+taxes+on+deferred+compensation.(EMPLOYEE+BENEFITS+&...-a0164947124
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Re:deferred compensation & FICA 1 Month, 1 Week ago Karma: 0  
J. Law is right. Your employer will withhold payroll taxes from the wages that are put into the deferred comp. If they dont withhold the wages, then you will be responsible for paying the taxes with your income tax return. I believe that either way you will get a W-2. Check with your payroll provider for details.
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#2289
laurie (User)
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Re:deferred compensation & FICA 3 Weeks, 1 Day ago Karma: 0  
Thank you for the advice. I just talked to the payroll department and they confirmed everything you guys said.

Uncle Sam always gets his share!
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