What's done is done and itâs time to move on. That isâ¦itâs time for the old guys to move on. As you can see from the table listed below, the junior guys at my airline will celebrate 2 mandatory retirements in December 2012 as our pilots begin to hit the new mandatory retirement age.efore the law changed, I was forecast to retire at age 60 in the year 2028 with a seniority number of 201. Thatâs pretty senior at an airline with over 8,000 pilots. Today, if I retire at age 60, I will retire at number 955.
The retained earnings of a corporation is the accumulated net income of the corporation that is retained by the corporation at a particular point of time, such as at the end of the reporting period.
FICA Wages and Taxes On Your W-2. Because you pay FICA taxes on your 401(k) deductions, your employer must count your contributions as taxable income on your annual W-2. Your wages, including your 401(k) contributions, from which Social Security tax was withheld, goes in Box 3 of your W-2.Your wages from which Medicare tax was deducted goes in Box 5.ertain pretax wages are exempt from both taxes, such as premiums for health insurance established through your employerâs cafeteria plan. Because your 401(k) contributions are not exempt from FICA, you must pay Social Security and Medicare taxes on your deductions.