Sentences with phrase «fica +»
I had no desire to pay the employee and employer's FICA + Medicare tax of 12.4 % as an employer employee.
https://www.financialsamurai.com/ Not exact matches
It is worth noting that while people under age 65 in the U.S. live in a heavily market - dominated economy where poor employment outcomes mean poverty and a lack of access to health care, almost everyone over age 65 has most of their healthcare paid for by Medicare, (a FICA tax financed, single payer system that pays providers more or less the same rates as private insurance companies and has few cost controls), more than half of their nursing home costs paid by Medicaid, (which is stingy in how much it pays providers and moderately means tested), and receives enough of a guaranteed income from the combination of Social Security and SSI payments to keep the poverty rate for people age 65 +, (even if they have no retirement savings of their own), above the poverty line, regardless of the state of the local economy.
For an employee who makes less than $ 113,700, they'll pay 7.65 % in FICA taxes (6.2 + 1.45).
If the LLC elects corporation status it has to pay you reasonable wages for your services, and withhold + pay FICA on those wages like any other employer.