Sentences with phrase «fica limits»
This article outlines FICA limits and how shifting income into or out of the current tax year could easily save you thousands of dollars in taxes.»
http://www.onemint.com/ Not exact matches
After you reach that limit you don't owe any further taxes for the FICA program.
One would hardly realize that the problem facing U.S. industrial employment is that wage earners must earn enough to pay for the most expensive housing in the world (the FDIC is trying to limit mortgages to absorb just 32 per cent of the borrower's budget), the most expensive medical care and Social Security in the world (12.4 per cent FICA withholding), high personal debt levels owed to banks and rapacious credit - card companies (about 15 per cent) and a tax shift off property and the higher wealth brackets onto labor income and consumer goods (another 15 per cent or so).
One thing a government can do is to limit FICA tax.
FICA and Medicare taxes have remained the same for several years, but the upper limit for taxation of Social Security has increased.
Especially when the amounts are below the FICA SS limits when separating salary and distributions are a clear sign of FICA tax evasion.
Even if your income exceeds the means testing limits, you are still required to pay Social security (FICA) taxes...