Health & Security Plan > SPD > Income Tax Withholding

Summary Plan Description

Income Tax Withholding

Time loss benefits are considered taxable income and must be reported to the Internal Revenue Service (IRS). In addition, Social Security (FICA) and Medicare tax is withheld from each check. These withholdings are also reported to the IRS. W-2 forms are mailed in January for any time loss benefits received in the previous calendar year.