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When Wages Are Not FICA Wages

Learn what is not considered wages by the IRS, thereby exempting those monies from FICA tax.

This information will be beneficial to you in helping reduce employer liability for FICA taxes on money that is not wages. You already know that any cash or noncash remuneration received for employment, unless specifically exempt, is considered wages subject to the FICA tax. This material will examine the importance of determining whether wages are not FICA wages. Learn about the various wages that are not considered FICA wages, and how to classify those non-FICA wages and their effects on retirement benefits. Recent litigation issues will also be discussed to help you determine what should be considered non-FICA wages.

Learning Objectives

  • You will be able to identify the FICA tax percentage and wage limits for Social Security and Medicare
  • You will be able to differentiate which taxes the employee and the employer pays
  • You will be able to differentiate between the taxability of Termination Payments
  • You will be able to differentiate between the taxability of reimbursement of business expenses

89 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Definitions

  • FICA Wages
  • Non-FICA Wages

Importance of Determining Non-FICA Wages

  • Reduce Employer Liability
  • Avoid Monetary Penalties for Misclassifications

Examples of Non-FICA Wages

  • Severance Pay to Tenured Teachers
    • What Does Case Law Say?
  • Employee Termination Payments
    • Four Types of Termination Payments
    • Which Types Are Not Considered Wages?
  • Settlement Damages Paid to Employees
    • What Types of Claims Are Not Considered Wages?
    • What About Awarded Attorney's Fees?
    • What Are Back Pay and Future Pay Damage Awards?
  • Reimbursement of Employee Business Expenses
    • Wages or Not?
    • What Does Reasonable Expectation Mean?
    • What About Hourly per Diem Rates?

Classification of Non-FICA Wages Effect on Retirement Benefits

  • Importance of Plan Definitions
  • Elective Deferrals
  • Payment of Benefits to Spouses Arising out of Divorce Proceedings

Recent Cases

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on January 15, 2021.

Call 1-866-352-9540 for further credit information.

  • CPE/NASBA - QAS Self Study 2.2 including Personnel/HR 2.2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Personnel/HR for 2.2 hours. Prerequisite: basic knowledge of processing payroll. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Jackie A. Sexson

Jackie A. Sexson

  • Compliance manager with Fortune 250 company
  • Former executive director with the legal and human resources consulting firm, The Sexson Group
  • Extensive experience in employment and labor law, as well as human resources
  • Has a legal and HR background in employee relations, performance management (360-degree feedback), organizational management, benefits administration, recruitment and selection, compensation, equal employment opportunity, and training and development
  • Experience with the public sector, Fortune 500 companies and small startup companies
  • Held director and executive level positions, and worked as an independent consultant
  • Certified as a senior professional in human resources by the Society for Human Resources Management
  • J.D. and M.B.A. degrees
  • Can be contacted at 303-513-6018 or [email protected]
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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  • State Specific Credit Tracker
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Product ID: 408398
Published 2021
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