Sentences with phrase «avoiding fica»

I thought I would be able to reap significant tax savings by avoiding FICA tax on the $ 200k, but as I calculate things, in the end my overall personal tax liability is the same!

IMHO the IRS is much less likely to care about «avoiding FICA» once SS is maxed out.

However, at the same time, you have much less incentive to avoid FICA now too, since you're only saving 2.9 % on medicare, or 3.8 % if your salary goes over $ 200K.

Not exact matches

During this time, I'd like to avoid the employer half of FICA taxes incurred by paying myself through payroll.

It is to avoid double taxation, not FICA.

In terms of the differences between the Dependent Care FSA and the Childcare Tax Credit, the general advice is that the FSA is the better choice where it is available, because it allows you to avoid paying FICA and Social Security taxes on the income excluded in this manner.

This allows us to avoid employee / employer FICA taxes (15.3 %) and employer FUTA tax.