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Is the Severance that Your Company Pays to Fired Workers Taxable? The Supreme Court Will Decide

On October 1, 2013, the Supreme Court of the United States agreed to hear a case concerning whether employees’ severance payments are taxable. The case, United States v. Quality Stores, Inc., came out of the Sixth Circuit Court of Appeals on appeal from a bankruptcy court in which Quality Stores, Inc. sought a tax refund from the United States for $1,000,125 in taxes paid under the Federal Insurance Contributions Act (FICA).
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