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Mr. Neal Evans <br /> October 13, 1980 - - <br /> page 6 <br /> $10,613.00 (current County Cost) <br /> -10-1577.50 (FICA 11 County Cost) <br /> . <br /> $ 35.40 Annual Savings to County <br /> Notice that: <br /> 1. The employes adjusts the employee's base salary ry just <br /> a snough added <br /> so that when the FICA tax paid on the employee's compensation. <br /> back to the base salary, the W--2 income, or tot I al <br /> will be unchanged. <br /> 2. The employee }nays no FICA tax_ The employer`s obligation <br /> for both parties is $9,422.41 X (6.13% X 2) ar $1.155.1.9, <br /> 3. The employee pays income taxes on t1i° $9.422_41 base salary <br /> and on the FICA tax paid in his behalf (half of $1,155.19, or <br /> $577.59) . Thus, the income taxable wage is $10,0 00 and the in <br /> come tax obligation is exactly the same as before PICA IX- <br /> 4. The employer and the employee save the same amount. on a <br /> $10, 000 annual wage, both save $35.41. The maximum per share <br /> savings in 1980 is $91.70 on a wage of $25,900_ <br /> Some of MICA's FICA Clients <br /> City of Greensboro Stokes County <br /> City of Burlington Wilkes County <br /> Davidson County City of Nonroe <br /> Guilford County Town of Gibsonville <br /> City of Salisbury Town of Madison <br /> City of High Point Caswell County <br /> Town of Cary Cumberland County <br /> City of Kinston City of Fayetteville <br /> Iredala County Forsyth County--- <br /> '} Town of Clayton <br /> Alexandri.a, Virginia. <br /> Durham Newport News, Virginia <br /> City of <br /> Town of Durham Virginia.Ayden <br /> City of Reidsville Fienrico County, Virginia <br /> SUMMA RX OF SAVINGS. RESULTING FROI4 THE IMPLEMENTATION PF FTCA T <br /> AND FICA II BY ORANGE COUNTY: Annual <br /> Annual Tota3 <br /> County Savings _Em In ee Sa vi.n s <br /> FICA 1 $ 5,175 $ <br /> FICA 1.1 l$-,3.900 13 900$19,075 0 <br /> $19,075 $19,075 $ - <br />