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Large, progressive cities also face huge OPEB liabilities. For instance, New York City has an OPEB liability valued at $85.5 billion in the long term and costs the city $3 billion annually. [11] A 2009 report by the Government Accountability Office uncovered $129 billion in unfunded OPEB liabilities among just 39 large local governments. [12]
For example, if your wages are $50,000 for the year, you’ll see $3,825 taken out of your paycheck; but your employer will also pay an additional $3,825 to the government in payroll taxes on your ...
GASB has implemented the reporting of OPEB in three phases. The phase that applies to a plan sponsor for GASB 43 and GASB 45 implementation is identical to the phase that applied to that plan sponsor for GASB 34 implementation and is based on annual revenue reported in the first fiscal year ending after June 15, 1999.
Post-tax deductions, on the other hand, are payroll deductions taken from an employee’s check after taxes have already been withheld. Post-tax deductions do not reduce your tax liability.
A Qualified Employee Discount is defined in Section 132(c) as any employee discount with respect to qualified property or services to the extent the discount does not exceed (a) the gross profit percentage of the price at which the property is being offered by the employer to customers, in the case of property, or (b) 20% of the price offered for services by the employer to customers, in the ...
The TCJA nearly doubled the standard deduction, which benefited many taxpayers by reducing their taxable income. The TCJA also made changes to certain deductions and credits.
This brings the total federal payroll tax withholding to 7.65%.) Employers are required to pay an additional equal amount of Medicare taxes, and a 6.2% rate of Social Security taxes. [13] Many states also impose additional taxes that are withheld from wages. Wages are defined somewhat differently for different withholding tax purposes.
On average, it takes 10.86 employee paycheck deductions to fund a single Social Security monthly benefit. It takes 15.26 paycheck deductions in Mississippi but only 8.52 in Hawaii.