The Railroad Retirement Board will mail to railroad workers in June their annual Certificate of Service Months and Compensation (Form BA-6), showing creditable railroad service and compensation for 2010. If you do not receive this Form BA-6 by July 1, or if you find the information to be incorrect or incomplete, contact your nearest Railroad […]
An opinion article recently published by the Financial Times and Fox News, written by conservative financial columnist Liz Peek, takes a nasty and incorrect swipe at Railroad Retirement, saying Railroad Retirement should be eliminated and folded into Social Security. The argument begins with a major falsehood — that Railroad Retirement is costing the American taxpayer. […]
The Railroad Retirement Board reports it has adjusted benefits — effective with February benefits checks — for more than 140,000 beneficiaries to reflect new federal income tax withholding rates. The new rates comply with provisions of the congressionally passed Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. The new rates apply to […]
To see the tax rates for 2011, click here.
All UTU locals are now required to make federal tax payments on-line using the Electronic Federal Tax Payment System (EFTPS). This is because the Internal Revenue Service announced that effective Jan. 1, 2011, it no longer will accept Form 8109 FTD (federal tax deposit) coupons for filing federal tax payments. The EFTPS is a free […]
Railroad Retirement payroll taxes will remain at 2010 levels in 2011, reports the Railroad Retirement Board. For Tier I, carriers and employees each will pay 6.20 percent on a maximum of $106,800 of wages. For Medicare, carriers and employees each will pay 1.45 percent on all wages. For Tier II, carriers will pay 12.10 percent […]