Severance packages taxable

| March 25, 2014

Duh!

Supreme Court says severance payments are taxable

(Reuters) – The Supreme Court ruled on Tuesday that taxes are due for Social Security and Medicare on severance packages paid to workers laid off involuntarily.

In a win for the Obama administration, the court voted 8-0, with Justice Elena Kagan recused, that Quality Stores Inc., a defunct retailer and its employees, are not entitled to tax refunds totaling about $1 million.

(Reporting by Lawrence Hurley; Editing by Kevin Drawbaugh and Dan Grebler)

via Supreme Court says severance payments are taxable | Reuters.

Category: National

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