LYCOS RETRIEVER 
Taxes: Employees
built 291 days ago
Social security and Medicare taxes... known as FICA taxes must be withheld from your employees' wages. As an employer, you must also pay a matching amount of FICA taxes for your employees. Currently the social security tax rate is 6.2%. You are required to withhold 6.2% of an employee's wages for social security taxes and to pay a matching amount in social security taxes until the employee reaches the wage base for the year. The wage base for social security tax is $97,500 for the year 2007. Once that amount is earned, neither the employee or the employer owes any social security tax.
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When reviewing the operating performance of the company with its Board of Directors and employees, management makes adjustments to earnings before interest and taxes ("EBIT") and diluted earnings per share. To calculate "adjusted EBIT" and "adjusted diluted earnings per share," management excludes certain items from net earnings and earnings before interest and taxes, including those related to the company's Chapter 11 proceedings, asbestos liabilities, and restructuring and other activities, so as to improve comparability over time (the "Comparability Items"). As described more fully in the attached financial schedules, such Comparability Items amounted to charges of $28 million in the first quarter of 2007 compared to a credit of $1 million during the same period of 2006.
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International students are NOT subject to Social Security and Medicare taxes. Most students on Optional Practical Training... known as OPT, have Social Security and Medicare taxes deducted from their paychecks. Students on OPT may file Form 843 and Form 8316 to receive a tax refund if they are unable to obtain it from their employers. There is no set deadline for filing Form 843 and Form 8316. (more)
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