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| *Loan,banking and credit>>>income tax |
Do I pay FICA taxes on Income minus deductions or all income? |
Do I pay FICA taxes on Income minus deductions or all income? Sorry to tell you this but it is on the gross of your wages and the net of self employment income, I assume you are employed and earn under $97,500. Social Security and Medicare taxes are imposed on your wages, not any other income. If you agree to have your wages reduced to pay for child care benefits or health care benefits, those wages are not taxed by Social Security or Medicare. When you do your tax return, there are no deductions that will reduce the amount of Social Security and Medicare taxes you owe on your wages. |
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