FICA refunds due on ‘excess’ mass transit fringes

Congress’ last-minute and retroactive reinstatement of parity between mass transit benefits and employer-provided parking—to $250 a month for both, for 2014 only—is no favor to Payroll. If you allowed employees to defer more than $130 for mass transit benefits last year on an after-tax basis, or paid out of the company’s coffers, they and you are due FICA refunds on the difference—up to $120 a month.